Cambodia economy to grow 7% in 2012: IMF

By AP

WASHINGTON - The International Monetary Fund said on Thursday that Cambodia's economy is set to grow by 7.25 per cent next year, buoyed by garment exports and growing tourist arrivals.

The fund reports that recent floods have hurt agriculture in the final quarter of this year, but the non-agricultural gross domestic product is forecast to grow in 2011 at its fastest rate in four years.

The Washington-based fund's predictions came in a statement after an annual consultation with Cambodia on its economy. A visiting IMF team ended its mission on Thursday.

Cambodia enjoyed rapid growth of more than 9 per cent between 2000-7, the highest of any low-income country in Asia, but it was hit hard by the global economic crisis.

GDP in 2010 grew by less than 5 per cent.