Wednesday, March 24, 2010

Government to Promote Economic Growth and Sustainable Development

BY BUTH REAKSMEY KONGKEA

Although the fallout from the world and global economic crisis, Cambodia’s Gross Domestic Products (GDP) has gained slight growth in 2009 and is going to grow up approximately five percent in this year. The announcement was made by Prime Minister Samdech Techo Hun Sen while opening remarks at Cambodia Outlook Conference on the scheme “Returning to a High Growth Economy-Policy Priorities and Action for Growth and Sustainable Development” on March 17th.

Cambodia’s GDP has gained “slight growth” last year and it is going to grow another 5 percent this year, according to a preliminary financial result which was released by the Ministry of Economy and Finance at the Cambodia Outlook Conference.

Prime Minister Hun Sen said that the Cambodia’s GDP growth from last year remained positive but it was only slight growth if compared to previous years’ GDP growth before the global economic crisis has taken place in Cambodia.

“These positive economic results are supported by good results in the agriculture, industry and other service sectors which grew at 5.4 percent and 2.3 percent respectively in 2009. However, there is much work to be done before the country will return to rapid growth that marks economy prior to the global economic crisis,” he said.

Samdech Hun Sen predicted the sustainable growth in the agricultural sector, particularly in rice and rubber production in the future as the Cambodia’s gross domestic products will be risen up by five percent in 2010.

To accelerate and promote the high economic growth in Cambodia, the Prime minister recommended the measures to be done and needed for Cambodia to become a high-growth economy, the importance of the agricultural sector as a “potential engine of growth” in the medium to long term.

Prime Minister warned that Cambodia has to remain vigilant of the economic storm, despite the apparent upturn. He also discussed on the need of saving money, reiterating that he would freeze government recruitment, with the exception of teachers and medical workers in Cambodia.

Hang Chuon Narong, Secretary General for the Ministry of Economy and Finance, said that the primary result for 2009’s GDP growth was recorded at 0.1 percent. The finalised figure is set to be released in June 2010. To promote the economic growth in Cambodia, there must be to create a “better quality of growth” for the domestic economy.

Chuon Narong continued to say that the small-scale land development, which has the potential to increase employment, is an important factor to consider along with the introduction of large land concessions.

John Nelmes, the IMF’s representative for Cambodia, said overall GDP was estimated to have contracted by 2.5 percent in 2009. He added that IMF estimates that growth will turn positive this year, with GDP rising by four percent in 2010.

Cambodia’s GDP was US$ 9.4 billion, according to an estimation of the World Bank in 2008. ///

1 comment:

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