Economy to grow by 7.5 percent this year

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Irrigation advances fuel Cambodian rice dream. Reuters

PHNOM PENH, Aug. 7 (Khmer Times/Xinhua) – Cambodia’s economy is forecasted to grow by 7. 5 percent in 2014.
 
The growth is expected to be driven by steady growth in agriculture, garment export, tourism, and construction.
 
Prime Minister Hun Sen said: “Cambodia has been enjoying full peace, security, political stability, social order, and development of all sectors,” he said during an international symposium. “The 2014 economic growth rate is projected to be 7.5 percent.”
 
He said last year, the country achieved an economic growth of approximately 7.6 percent, while gross domestic product (GDP) increased to more than 15 billion U.S. dollars and GDP per capita increased to 1,036 U.S. dollars.
 
The prime minister’s growth projection for 2014 is higher than the forecast by the World Bank and the International Monetary Fund (IMF). In April, the two institutions put Cambodia’s economic growth at 7.2 percent this year.
 
In the recent past, Cambodia surprised official forecasts and estimates by World Bank and IMF by constantly achieving higher GDP growth rates than that forecasted by these institutions.
 
Cambodia’s  economy defies global trend but challenges remain in terms of costs of transportation, labor disuptes, and skills.

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