The World Bank (WB) said in a recently released economic update that Cambodia's GDP growth is projected to reach 7 percent in 2013 despite a challenging global economic environment.
Overall macroeconomic outlook remains positive, having sustained agricultural growth, continued strong performance of the tourism sector, a resilient garment sector and rebounding construction activity, the Bank said in the East Asia Pacific Economic Update released on October 7.
During the first six months of 2013, garment exports grew at 18 percent year-on-year, while the tourism sector continues its high growth trajectory, with a tourist arrival growth rate of 19 percent year-on-year. Investment in the construction sector reached 1.9 billion USD, an increase of 50 percent over the same period last year.
The WB added that in the agricultural sector, rice production has continued its high growth due to rising cultivated areas of rice crops.
According to Enrique Aldaz Carroll, an economist of the WB in Cambodia, the Southeast Asian country’s economy is expected to remains robust in the coming time despite challenges such as natural disasters, post-election political instability or global economic slowdown.
Earlier, the Asian Development Bank (ADB) on October 2 gave out a brighter forecast on the Cambodian economy, saying it is expected to grow at 7.2 percent in 2013 and 7.5 in 2014.-VNA
Overall macroeconomic outlook remains positive, having sustained agricultural growth, continued strong performance of the tourism sector, a resilient garment sector and rebounding construction activity, the Bank said in the East Asia Pacific Economic Update released on October 7.
During the first six months of 2013, garment exports grew at 18 percent year-on-year, while the tourism sector continues its high growth trajectory, with a tourist arrival growth rate of 19 percent year-on-year. Investment in the construction sector reached 1.9 billion USD, an increase of 50 percent over the same period last year.
The WB added that in the agricultural sector, rice production has continued its high growth due to rising cultivated areas of rice crops.
According to Enrique Aldaz Carroll, an economist of the WB in Cambodia, the Southeast Asian country’s economy is expected to remains robust in the coming time despite challenges such as natural disasters, post-election political instability or global economic slowdown.
Earlier, the Asian Development Bank (ADB) on October 2 gave out a brighter forecast on the Cambodian economy, saying it is expected to grow at 7.2 percent in 2013 and 7.5 in 2014.-VNA
