Cambodia's economy achieves 7 pct growth last year despite political row: Central bank
Cambodia's economy achieves 7 pct growth last year despite political row: Central bank
Cambodia's economy grew by 7 percent in 2013 even though political row over the July election has still persisted, the National Bank of Cambodia (NBC) said Tuesday.
The growth was lower than that of 2012, which was up to 7.3 percent. "In 2013, Cambodia's economy achieved commendable result with a GDP growth of 7 percent as forecast by the International Monetary Fund and the World Bank," NBC said in a statement. "Such a performance comes from an increase in investments in the country, particularly in construction and tourism sectors."
According to the government's figures, the Southeast Asian nation attracted domestic and foreign investment projects with a total investment of 4.9 billion U.S. dollars in 2013, up 69 percent year-on-year.
The construction sector drew a total investment of 2.48 billion U.S. dollars in the first 11 months of 2013, up 27 percent year-on- year, while tourism received 3.4 million foreigners in the first 10 months last year, up 18 percent year-on-year.
The statement said the NBC has achieved satisfactory result in fulfilling its mission as the country's central bank in maintaining price stability with 2013 inflation rate standing at around 4 percent.
"The inflation rate is one of the lowest in the region," it said.
The country has maintained high growth and inflation stability last year amid post-election dispute.
The row between Prime Minister Hun Sen's ruling party and the Sam Rainsy's opposition party has persisted since the July's poll results showed that the ruling party won 68 parliamentary seats and the opposition got the remaining 55 seats.
Claiming serious irregularities, the opposition refused to accept the outcome and has boycotted parliament and held numerous protests in order to demand the resignation of Hun Sen and a re- election.
Hun Sen has said that he would neither step down nor call a reelection.
Chheang Vannarith, lecturer of Asia Pacific Studies at the University of Leeds in Britain, said the dispute could further slow down the economy this year if it is still not resolved.
"The political crisis in the post-election will have greater impact on economy and investment this year if there is still no political breakthrough," he told Xinhua.
xinhuanet
