A farmer uses a combine to harvest rice in Kandal province's Kandal Stung district t h.is month, Pl!
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Kingdo efies global crisis this year to almost $5 billion, said the downt urn was having "I believe this inflow will compared with the corres little impact on Cambodia's continue, because the labour ponding period last year. economy. cost in neighbouring countri es The value of garments an d "Despite [be global slow is going up." Suzuki cautioned, texliles, which make up ahout down , Camhodia's economic however, that the powerSeclo\ HO per cent of Cambodia's ex performance has held up well, was still a weak point. ports, increased by nine per driven by resilient exports, This year ma rkt'!! ;lllPIIIl'I cent to $3.826 billion, but the robust tourism and construc Illilesltmc ill Cill lI!Jqdl;I'S illl value of agricultural products tion, and with growing si gns provill g l'I'OIHll ll il' forlllnl'S - which account for about 10 of economic diversiti cal ion, " wilh Ihe (ljll'lIillg (If capital pef cent of exports - fell lO Ahmed said. lilarkl'ls ill mid -April and life per cent to $312 million. "We wel nJllll' IIII' inlTI';tSI' Illsurance arriving in March, Foreign tourist arrivals in reserve requirement. an The Kingdom's chairman climbed nearly 24 per cent illl pO)'U1nl fl na slep towards ship of ASEAN was also an during t he period 10 al mos t sa feguarding fi naucial stabil important event for the coun 2.86 m ill ion, <In:ording III ity, and the Nati onal Bank of try in demonstrating to the Mi nistry of Tnurism stat istics. Cambodia's overall lmprove world that it was Improving. Data 'from th e Mi nistry of ment in banking supervision. "Cambodia's second chair Land Manageme nl and Ur "As in any rapi dl y evolving manship of ASEAN provided ban Planni ng shows the valu fi nancial system in a devel a timely opportwl ity to show of approved lnvest ment in oping country, managing fin case t he economic the construction sector rose ancial deepening, including achieved over the past del' by 73.3 per cenl to $1.923 bill moderating credit growth and adl:!. ind uding the country's ion in l,49 1 1projects. the continued strengthening strong growth performann ' Ministry of Commerce of financial-sector supervi and commendable rcd url il lil spokesman Kong Putheara sion, will remaill impo rta nt. " in poverty," Ahmed reaffirmed that exports had Hiroshi Suzuki , an econo The 1MF proj ects Canllill not been affected by the slow mist at the Bus iness /{esearcb dia's growth in 20 13 will " il K" down in the global economy. Tnstitute for Camb odia, sa id up to 6.7 per cent. willi Ir ill' ll ' "I don't see any slowdown ill the Kingdom was still attract ion averaging four IWIII'I II , exports so far. We still have two ive to foreign investors. I'aisal suggested lit: 11 r H'1 11 main export markets, the US "We're seeing a healthy ing more fi scal 111.1111 and the EU, " PUlheara said. trend of foreign direct invest taining the ilnplIIll'IIH III III "At the same time, we are ment, especially by Japanese monetary puli l'V a lit! 1111;\11 also looking to some Asian manufacturers," Suzuki said. cial SUPCl'Vi5ion. 1111d Jl l lllllllt markets, because we need to "This is a real driver of ing broad j,a"l'd, lilt diversify our markets." growth, and it will have very growth would Iw 111I]1l1rlal1t 1MI' country director in positive effects on Cambod policy gOals fil l II II' 1',IIVI'rn Cambodia Fai sal Ahmed als ian exports and employment. ment in llw CCl JlliIljt \T! ';lr, t quality of farmers ' paddy, such as the establis hment of dry ovens or e nabling traders to gather al one place where the ki ddy pri ce would b(' dis pLJ ycd Vietnamese fertiliser company inaugurated VIeTNAM 1" I' .IIIVt" ,l r d about ;(1' 111111 11.11 I" ' .0'\ lip a 1"11;\1,,, '1 , '1l11 jlJlly III ( 11 11 11,., 11 <1 . The Vietnamese 111 111, l ive Star Internati onal, was inaugurated in Kandal province this wee k and will have an annual capi'lcity Df 350,000 tonnes Ouri nq til inauguration, Prlmll Mlnr ster Hun Sen sai d III <1 1, 1111d \Ni'l nt to curb ImrOI I' pi I II! ' I lilt II fertili ser' " ' ''JI'I I II' ' HI'j I1 Camboui.1 1101.1 I""III' ,,,ti c plilnl, HIli ' III, " "Ii !l ,e pia III I" I " "I" , ( Il eap [''' fllll' ''' 1 Iii " I "" f to Clll lIP' P', 1III ltl market . Cambodia, Thailand launch single visa I and Thai t:md h, 1111 ' 1,lUnched a SlIlqlr \<1'\,] to LI' li lt l Ie a floWin lP1i1 i' .I ' , lI lO ' IIo Jhlc r:asier trawl I1 ll wl.: "rJ II IL two count ries, /I ll N" I /lill I"ported. TOUri st, . II ni1 ti ons wil l be .1111< t., , 1111 r both Will! 11 11 ,lIlqle visa. Cambodl.J1 1li'I II I.t 1T minister Thol ll! VI "HI. II the single VI' , j ;, ' I I" " II I'! developmf'I,1 I, q I Cl III 1<Jl ml l oil I" " It, I did
I{cview May Kunmakara C AMBODlA'S econ omic performance this year has been heartening despite the global economic slow down, especially the chaos caused in Europe by the sovereign- d ebt crisis and the sluggish recovery of the US economy, [n October, the Internation al MonelalY Fund revised its world growtb projecti ons to 3.3 per cent and 3.6 pel cent in 201 2 and 2013 respect ivel y. lower than the its estimates in July. Growth projections for th e US were decreased to 3.3 per cent and 3.6 per cent in 2012 and 2013 respectively. European grmvth was revised to 0.1 and 0.8 per cent in 2012 and 2013 respectively. China's growth projecti.ons also de clined, to 7.8 per cent this year and 8.2 per cent in 201 3. In September. the IMF raised its projection for Cam bodia's grm'l.1:h to 6.5 per cent In 2012 from an earlier projec. lion of 6.3 per cent. Inflation, after decelerating through mid-year, is projected to aver age about 3.5 per cent in 2012 and four per cent in 201 3. The Asian Development Bank lowered its growth esti mate to 6.4 per cent. The Cambodian govern ment recently revised its own growth projection to seven per cent this year from 6.5 per cent in September. The inflation rate is running below five per cent, according to the Ministry of Economy and Finance, "Cambodi a's econolll Y is proving its strength with a growth projection of seven per cent annuall y, although the globa l economic outlook at the end of 2012 and into 2013 ""ill continue to face high risk because of Europe's debt crisis and the slow re covelY of the US economy," a minist ry press release said. The release also highUghted the improvement in the King dom's four main pillars of growth: agriculture; industry (garments and textiles); con struction and real estate; and tourism. Data from the Ministry of Commerce shows total ex ports rose almost 11 per cent over the firs t to m o nl'hs of UOlleJ 6IWW! UO asuas llO!lI!d,O