Reuters
PHNOM PENH, Feb 28 - Cambodia's economy is expected to expand by 7.3 percent this year, a slower rate than in 2007 due to the pressure of high world oil prices, Prime Minister Hun Sen said on Thursday.
However, a blossoming private sector, overseas aid, sustained foreign investment and continued political stability should ensure healthy growth in the key garment, tourism, construction and agriculture sectors, he said.
"Cambodia needs to sustain this growth to catch up with and keep pace with neighbouring countries," Hun Sen said at a economic conference for international investors.
Cambodia's economy struggled during the 1990s to shake off the legacy of decades of civil war and upheaval, including the atrocities of the Khmer Rouge "Killing Fields".
However, it has taken off in the last few years, and expanded at an estimated 9.6 percent last year, making it one of the fastest-growing economies in the world.
Its gross domestic product is $8.4 billion, giving a per- capita annual income of more than $500.
The garment sector, valued at $3.8 billion last year, represents the lion's share of exports, a government report showed.
The Southeast Asian nation also received 1.7 million tourists last year and expects a 25 percent increase in 2008.
The report said reserves had increased by $600 million last year to $1.7 billion, but said the country ran a trade deficit of $1.5 billion, mainly due to the increase in value of petroleum imports.
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