Updated: 2013-01-09
WASHINGTON, January 8 (Xinhua) -- Cambodia is expected to register an
economic growth rate of more than 6.5 percent this year, the
International Monetary Fund (IMF) said Tuesday.
Despite the
global slowdown, Cambodia's economic performance has been holding up
driven by resilient exports, robust tourism and construction, the
Washington-based global lender said in its 2012 Article IV staff report
on the Asian economy released Tuesday.
The country's gross domestic product (GDP) is forecast to expand around 6.7 percent in 2013, the IMF said.
"A
fragile global economic outlook, rapid credit growth, and potentially
extreme weather conditions continue to pose significant risks," the IMF
cautioned in the annual checkup of Cambodia's economic and financial
conditions.
"Given the robust economic expansion, the recent
increase in the reserve requirement constitutes a critical step toward
safeguarding financial stability, although further increases and
additional measures may be needed to guard against excessive risk taking
by banks," the report noted.
Improvements in macroeconomic
management can enable a virtuous cycle of more self-sustaining and
inclusive growth if they are supported by steadfast structural reforms
to facilitate private sector-led economic diversification, improve
public finance management, and ensure greater efficiency of public
spending and budget transparency, suggested the IMF.
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