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ADB firms up growth prediction

The Asian Development Bank (ADB) has maintained its growth projections for Cambodia in 2014.

The ADB’s midyear outlook for Cambodia, released yesterday, states that Cambodia’s economy still stands to achieve 7 per cent growth by the end of the year, and potentially 7.3 per cent in 2015.

“Cambodia’s economy is expected to remain in good shape over the next two years, reflecting increased political stability and steady macroeconomic management that should further lift investors’ confidence,” ADB senior country economist for Cambodia Jan Hansen said.

Citing rising inflation – now estimated at 4.4 per cent – and the government’s late 2013 crackdown on customs duty charges, the ADB reported that imports had slowed to a 6 per cent year-on-year increase from 24 per cent a year earlier.

The Kingdom’s exports also moderated to a 20 per cent increase as of June 30, down from 27 per cent as at the same time last year.

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