Cambodia’s GDP to grow much higher than expectation in 2011: Commerce Minister

PHNOM PENH, Aug. 4 (Xinhua) -- Cambodia’s GDP (Gross Domestic Product) growth could grow over 8 percent this year despite gradual rise in inflation, Cambodian Minister of Commerce Cham Prasidh predicted on Thursday.
   He said three of the four pillars-garment exports, tourism, agriculture and real estate- supporting the country’s economy are expected to see strong increases this year.
   “Based on the figures in the first half of this year, the garment and textile exports rose up to 45 percent, tourism industry increased by 13 percent, agriculture is going well, I believe that the country’s economic growth this year will reach more than 8 percent,” the Minister said during a press briefing after the conclusion of the 17th Greater Mekong Sub-region Ministerial Conference.
   Earlier this year, the government forecast the growth this year is around 6 percent.
   The Minister said the real estate and construction has also started to recover this year after it was hard-hit by the global financial crisis since 2008.
   Despite the Minister’s optimism over the growth in 2011, the director general of the National Bank of Cambodia Nguon Sokha warned that the country’s inflation this year could reach as high as 8 percent, up from the previous prediction of 5 percent due to mainly soaring prices of petroleum, food, and consuming products.