Cambodia's GDP growth on track

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Phnom Penh (Rasmei Kampuchea Daily/ANN) - Economic experts say Cambodia's gross domestic product (GDP) is on track to reach US$1,000 a head next year, up from an estimated $900 at the end of 2011 and echoing remarks made by Prime Minister Hun Sen earlier in the week.

Managing director of ACLEDA Bank Plc, reportedly said that growth was being driven by the garment industry, tourism and agriculture. He noted that GDP, a country's total output of goods and services adjusted for foreign income, grew from $11.6 billion in 2010 to an estimated $12.6 billion last year and is expected to reach about $13.8 billion in 2012.

Heng Vanda, Rector of the Vanda Institute, was quoted as saying that growth of about six percent a year reflected political and socio-economic stability, noting that Cambodia had the second-fastest growing economy in the region after Laos.

Chan Sophal, president of the Cambodian Economic Association, reportedly said he also expected GDP to hit $1,000 next year but expressed concern about inequity between urban and rural people.

He said much is needed to be done to bridge the wealth gap such as increased investment in irrigation, roads, water, electricity and health in rural areas.