December 7, 2011

IMF raises Cambodia economy's growth to 7.5 pct in 2011


PHNOM PENH, Dec. 6 -- The International Monetary Fund (IMF) predicted that Cambodia's Gross Domestic Product (GDP) growth this year is 7.5 percent, 0.8 percentage points higher than its previous forecast of 6.7 percent, a senior IMF official said on Tuesday.

Speaking at a meeting with Cambodia's Deputy Prime Minister Sok An, minister of the council of ministers, the IMF's Chief of Mission to Cambodia Olaf Unteroberdoerster said that the IMF was satisfied with the economic development process in Cambodia and forecasted that the country's growth is 7.5 percent thanks to the well growth in tourism, garment exports, and construction, said Ek Tha, spokesman and deputy director of the Council of Ministers' Press Department.

Olaf said that as the damage of recent floods on the economic growth was not clearly evaluated, the IMF estimated that Cambodia was good-performed this year.

The IMF's forecast was the highest of all international predictors and the government's forecast. Last month, the World Bank projected Cambodia's growth at 6 percent this year and the Asian Development Bank at 6.8 percent, whilst the government expected it was 6.4 percent.

Olaf said that the country's inflation rate remained stable at five percent this year. He also said that the country's GDP next year would be expected between 7-8 percent.

Sok An said that the steady growth was due to the political stability, which was the key factor to build confidence among investors and tourists.

Olaf arrived in Cambodia on Nov. 28 to observe the country's economic performance this year.

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