Transcribed
Cambodia - Net foreign policy investments, GDP growth
3.23.5 Net foreign direct investments Level Growth $ billion 2.0_ _180 1.5_ -135 1.0_ - 90 0.5_ - 45 -0.5_ -45 2008 2009 2010 2011 2012 Source: National Bank of Cambodia. 3.23.6 GDP growth 5-year moving average 12_ 0_ 2008 2009 2010 2011 2012 2013 2014 Forecast Source: Asian Development Outlook database.
Cambodia - Net foreign policy investments, GDP growth
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Merchandise exports, mainly garments, footwear, and rice, rose in
US dollar terms by an estimated 11.4%. Imports, bolstered by purchases of
construction materials for power plants and other projects, ...
rose by 17.0%.
As the merchandise trade gap widened, so did the current account deficit,
to 11.6% of GDP if official transfers are excluded. The deficit was fully
financed by FDI and official loans and grants. Net FDI surged by 75%
to $1.5 billion (Figure 3.23.5), contributing to an increase in gross official
reserves to $3.5 billion, which covers 4.4 months of imports.
An International Monetary Fund analysis of debt sustainability
published this year saw Cambodia at low risk of debt distress. It cautioned
that structural reform and revenue mobilization, as well as the careful
management of potential contingent liabilities from power-generation
projects, will be important to ensuring long-term debt sustainability.
Poverty incidence likely fell below 20%, surpassing the official target
to reduce poverty by half from levels in the early 1990s. This reduction
has been achieved through sustained economic growth, with particularly
good performance in agriculture.
Economic growth is forecast at 7.2% in 2013, picking up to 7.5% next year
as recovery in Europe and the US takes hold (Figure 3.23.6).
European demand for Cambodian garments and footwear is expected
to maintain good growth, supported by duty-free access to the EU.
Shipments to the US will likely be subdued this year but should pick
up after that. Increased foreign investment is funding new industries,
including the manufacture of automotive parts and processing of
agricultural products, as well as diversifying garment production into
higher-value products. Last year’s surge in building approvals bodes
well for construction. The timing of offshore oil exploitation is unclear.
Industry as a whole is expected to expand by 10.5% in 2013.
The service sector is seen growing by 7%. Growth in tourism
is benefiting the hotel, restaurant, retailing, and transport and
communications subsectors. Buoyant property development stimulates
growth in finance and real estate services. Agriculture will likely grow
by about 4%, assuming favorable weather. The government is supporting paddy production and exports of milled rice
Source: National Bank of Cambodia, - http://www.nbc.org.kh/english/index.php - Asian Development Outlook database
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