IMF: Cambodia’s Economy Expected to Grow 7% in 2012

08 October 2012 | Posted in News

The International Monetary Fund (IMF) predicted Tuesday that Cambodia’s economy could grow as high as 7 percent this year, 0.8 percentage points higher than its April’s forecast of 6.2 percent.

Speaking in a meeting with Cambodian Deputy Prime Minister Sok An, IMF’s Chief of Mission to Cambodia Olaf Unteroberdoerster said that Cambodia’s growth is to hit 7 percent this year thanks to the country’s well performances in garment exports, tourism, agriculture and construction, Ek Tha, deputy director of the Press Unit at the Council of Ministers, told reporters after the meeting.

According to the official figures, during the first seven months of this year, the country exported garment products worth 2. 51 billion U.S. dollars, up 8 percent over the same period last year, and foreign visitors to the country reached 2.04 million, up 26 percent.

The country attracted investment of 1.53 billion U.S. dollars in construction in the first eight months of 2012, a 74 percent rise compared with the same period last year.

Sok An said that the IMF’s prediction is the same as the government forecast.

He recalled that last year, Cambodia’s Gross Domestic Product grew 7.1 percent to 13 billion U.S. dollars and the country’s per capita GDP was 911 U.S. dollars, up 10 percent from 830 U.S. dollars in 2010.

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