Cambodia’s economy likely to grow 8 percent this year

Cambodia’s economic growth is expected to reach 8 percent this year thanks to the development of tourism, construction and garment production, Cambodian Minister of Trade Cham Prasith said.

The minister was quoted by Cambodia media as saying that rice and farm produce price hikes on the world market have increased the country’s export turnover and contributed to economic growth.

Minister Cham said he was optimistic about Cambodia’s economy, saying that Cambodia has the chance to boost its economic growth to higher level in the near future.

He added that the Cambodian government’s efforts to boost oil, gas exploration and exploitation is expected to earn the country 500 million USD from 2010-2011.

However, the International Monetary Fund (IMF) predicted that Cambodia’s economic growth can reach only 7 percent due to the world’s oil price hike and its inflation.-