WB maintains 6.6 pct GDP growth for Cambodia in 2012

PHNOM PENH, Oct. 8 (Xinhua) -- The World Bank kept Cambodia's economic growth at 6.6 percent this year -- the same rate of its May's forecast, according to its East Asia and Pacific Economic Data Monitor released Monday.

In its May's report, it said that Cambodia has been one of the fastest growing countries in the world over the past 10 years, experiencing average annual growth of over 8 percent since 2000.

The country's economy is relying on four main pillars -- garment export, tourism, agriculture and construction.

The WB's projection is 0.1 percentage point higher than that of the Asian Development Bank and the International Monetary Fund.The two institutions forecast the country's GDP at 6.5 percent this year.

However, all the forecasts are lowered than the 6.9 percent growth projection by the government, based on the increases in garment export, tourism and construction.

According to the official figures, during the first seven months of this year, the country exported garment products in equivalent to 2.51 billion U.S. dollars, a 8 percent rise compared with the same period last year.

In the first eight months of this year, on the tourism side, the Southeast Asian nation attracted some 2.33 million foreign tourists, a 24 percent rise compared with the same period last year, whilst in the construction, the country attracted investment of 1.53 billion U.S. dollars in construction projects, a 74 percent rise.

Sourced: shanghaidaily