PHNOM PENH, Nov. 4 (FN) -- The International Monetary Fund (IMF) on Friday maintained its forecast for Cambodia's economic growth at 7 percent in 2016, driven by garment exports, real estate and construction.
"Growth is projected to remain robust at around 7 percent for 2016 and 2017, supported by strong garment exports, real estate and construction activity, notwithstanding weaker agricultural and tourism growth," the lender said in a press release.
The Southeast Asian nation's economy relies mainly on garment exports, real estate, construction, agriculture and tourism.
According to the government's latest figures, the country exported garment and footwear products worth 3.46 billion U.S. dollars during the first six months of this year, up 4 percent over the same period last year, while construction received a total investment of 7.2 billion U.S. dollars in the first eight months of the year, up 404 percent over the same period last year.
On the tourism side, the sector attracted some 3.16 million foreign tourists during the first eight months of 2016, a 4.3-percent rise over the same period last year.
The press release noted that while the growth outlook remains strong, the economy faces downside risks stemming from rapid credit growth, along with growing concentration in real estate, and possible spillovers from an uncertain external environment.