Foreign Investment Brings Cambodia Growth, New Issues
September 30, 2011
A train prepares to start during the official recommencement of commercial train services on a rehabilitated rail corridor in Phnom Penh October 22, 2010.
Cambodian officials say the country's economic growth rate is set to exceed seven percent this year. According to financial analysts even if the global economy slows, Cambodia is well prepared to deal with it, partly because of strong foreign investment. But the billions of dollars flowing into the country are also raising concerns about the political and social impact from massive development projects.
Cambodia has posted strong economic growth in the two years since the 2008 global financial crisis. Foreign investment, a growing tourism industry and a strong agricultural sector have been key to that growth.
The country's garment and textiles sector is also doing well, with exports set to rise by 40 percent this year.
"The Cambodian economy is probably in the best shape it has ever been in - absent is what is going on the rest of the world," said Stephen Higgins, chief executive officer for ANZ Royal Bank in Phnom Penh. "The economic growth this year we think will be in the range of seven to eight percent, and the normal global environment we would expect probably eight to 10 percent in the next few years."
But Higgins says inflation must be kept under control, especially with regard to rising food prices.
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