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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Cambodia economy to grow up to 5% in 2010: IMF AFP - Saturday, September 11 Send IM Story Print Cambodia economy to grow up to 5% in 2010: IMF Slideshow: Full Photo Coverage: Business & Economy PHNOM PENH (AFP) - – A strong recovery in tourism and the key garment industry helped Cambodia's economy perform a "significant turnaround" this year, with projected growth of up to five percent, the IMF said Friday. Cambodia, which saw its major industries hit by the global financial crisis, is expected to experience a 4.5 to five percent economic expansion this year and six percent growth in 2011, the International Monetary Fund said. Garment exports and tourism are at the forefront of the rebound, with 10 to 20 percent growth in the second quarter, according to Olaf Unteroberdoerster, senior economist at the IMF's Asia Pacific department. "Real GDP (gross domestic product) growth is projected to reach 4.5 to 5 percent in 2010, a significant turnaround from 2009," he said. Agriculture was said to be another factor behind the forecast expansion in output, and Unteroberdoerster urged development in the sector as well as rural infrastructure investment to help broaden Cambodia's sources of growth. But construction activity, another factor behind the country's double-digit growth before the global downturn, appears to have remained sluggish, he said. Since the beginning of the financial crisis in 2008, Cambodia's government has issued more optimistic economic projections than international financial organisations. While the IMF estimated Cambodia's economy would contract around 2 percent in 2009, the government forecast 0.1 percent growth. The official rate has not been released. Cambodia used garment exports and tourism to help improve its fortunes after the 1975-79 Khmer Rouge regime and several decades of civil war left its economy and infrastructure in tatters. Garment exports were hit by a drop in world demand caused by the financial crisis, but Ministry of Commerce figures showed exports increased by over 13 percent in the first seven months of the year. In the first half of 2010 a total of 1.2 million foreign tourists visited Cambodia, up from 1.1 million in the same period the year before. Recommend Send IM Story Print Related Articles CORRECTED: Indexes end up on better outlook Reuters - 20 minutes ago US-BUSINESS Summary Reuters - 22 minutes ago CORRECTED - US STOCKS SNAPSHOT-Indexes end up on better outlook Reuters - 28 minutes ago FOREX-Dollar rises against yen on solid Chinese data Reuters - 29 minutes ago Toys R Us posts quarterly loss Reuters - 38 minutes ago News Search Top Stories Recession has left huge hole: Obama Obama presses Israel to extend settlement freeze Irish bank AIB sells Polish assets to Santander Combat climate change with less gassy diet for cows: study Paramount to open theme park in Spain More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended US pastor puts Koran-burning on hold Wall Street's super traders come under fire Climate: New study slashes estimate of icecap loss Iran to free female US hiker Nokia appoints Microsoft executive as new CEO More Most Viewed » Climate: New study slashes estimate of icecap loss Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal Japanese rider Tomizawa dies in San Marino Moto2 GP 78-year-old woman found alive after week missing in Alps More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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