Rising global oil prices could increase the rate of inflation and slow
Cambodia’s economic growth this year, according to a highly respected
international financial expert.
The Kingdom’s economic recovery
has been export-led, particularly through improving the tourism and
garment sectors, and therefore could be vulnerable to a global economic
slowdown caused by high-cost oil, says International Monetary Fund Asia
and Pacific Department senior economist Olaf Unteroberdoerster.
“If
the global oil prices stay at current levels, Cambodia’s trade deficit
would worsen by about 1.5 percent of GDP relative to our October 2010
forecasts,” he told The Post via email.
Ministry of Commerce
statistics show petrol was sold at about US$1.28 a litre at Phnom Penh
petrol stations yesterday, up from $1.23 at the end of February, and
roughly $1.07 six months ago.
Brent crude traded north of US$115 a barrel on the London-based ICE Futures Europe Exchange yesterday.
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