Kingdom expects 15% economic growth in 2014

By Brennan Stark
Wednesday, 01 February 2012
The Phnom Penh Post

The Cambodian economy could potentially grow 14.9 per cent by the end of 2014, according to statements yesterday from Council of Ministers spokesman Phay Siphan (pictured).

He said the official figures had come from the Ministry of Planning.

To achieve such growth, the ministry predicted that US$11.51 billion would need to be invested in public works over the next three years.

“The GDP cannot increase itself,” Phay Siphan said.

“We need road building, bridges and other travel channels in order to obtain this big increase.”

Market trends indicated that Cambodia would require an additional $2.76 billion from offshore aid, loans or the oil and gas industry in order to meet the $11 billion mark, he added.

The figure would be a substantial increase over the government’s prediction for 2012 growth, which is now set at 6.5 per cent.

University of Cambodia business and economics lecturer Chheng Kimlong said: “I think that’s a bit ambitious. It’s probably closer to 8 or 9 per cent, or a maximum of 10 per cent, based on current rates of investment and growth.”