Cambodia’s PM says the country’s economy will be likely to grow up to 8.7 percent this year, its highest hike in ten years.
Cambodia’s economy can grow as much as 8.7 percent this year, its strongest in a decade, propelled by a resurgence in its garments and tourism industries, Cambodian Prime Minister Hun Sen said on Monday.
The Cambodia government’s official estimate for economic growth in 2011 is 6 percent, but Hun Sen said that could be topped by a wide margin.
“There is a possibility of higher growth of 8.7 percent,” Hun Sen told a graduation ceremony at a university in the capital Phnom Penh, agreeing with an estimate by a local think-tank, the Economic Institute of Cambodia (EIC).
Hun Sen, however, cautioned that “unclear economic situations in the US and Europe” will affect the country and that Cambodia should diversify its economy into other sectors such as agriculture and mining.