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IMF forecasts 7 pct economic growth for Cambodia in 2015

Xinhua, July 3, 2015 Adjust font size:

Cambodia's economy is expected to grow by 7 percent this year, the same level it achieved last year, driven by construction, real estate and garment exports, Sonali Jain-Chandra, deputy division chief of the International Monetary Fund (IMF)'s Asia and Pacific Department, said here Friday.

Speaking at a press conference after the conclusion of her 12- day consultation mission to Cambodia, Sonali said inflation in Cambodia is expected to rise moderately to 2.6 percent by end-2015 after declining in early 2015 due to the sharp oil price drop.

"The macroeconomic situation and outlook are thus favorable, although there are downside risks. A protracted growth slowdown in Europe or a stronger U.S. dollar would constrain garment exports," she said, adding that weaker-than-expected growth in China would have spillovers through the foreign direct investment, banking, and tourism channels.

On the domestic downside risks, she said, rapid credit growth, particularly to the buoyant construction and real estate sectors, intensified financial stability risks.

Cambodian Prime Minister Hun Sen said in a public speech on Sunday that the country will maintain the growth of 7 percent this year, as the yearly inflation is expected to stay at 3.5 percent.

The country's gross domestic product is expected to rise to 1, 220 U.S. dollars in 2015, up from 1,123 U.S. dollars in 2014, he added. Endi