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CAMbODIAPopulation14.7millionPopulationgrowth1.7percentSurfacearea181,040sq.km.CapitalPhnomPenhSource:WorldDevelopmentIndicators.cambodia’seconomicrecoveryisunderway.RealGDPgrowthisprojectedtoreach4.9percentin2010and6percentin2011,drivenbyareboundinexports(particularlygarments)andtourism,andtheuninterruptedgrowthofagriculturalproduction.Apparelexportsroseby15percentoverthefirstsixmonthsof2010,reflectingapickupofshipmentstotheunitedstates.thishelpedcreate16,000newjobssinceJanuary2010afteralossof43,000jobsin2009.Garmentexportsareexpectedtoposta14percentgrowthratein2010.tourismpickedupby12percentinthefirsthalfandisprojectedtogrowby9percentfor2010asawhole.therecoveryisalsovisibleincredittotheprivatesector(up17percent)andnewfirmregistration(up21percentinthefirsthalfoftheyear).therecoveryofforeigninvestmentandconstructionremainsatamuchslowerspeed:constructionandFDIpermitapprovalsremainedsubdueddespiteaslightincreaseinimportsofconstructionmaterials(upby5percent),suggestingthatrecoverytookplaceinsmallconstructionactivitiesonly.Growthprospectsin2010and2011dependontheperformanceoftheagriculturesector.thesectorhasweatheredtheglobalcrisiswell,butcropproductionmightbenegativelyaffectedbythesporadicdroughtsinsomepartsofthecountry.evenifthesedevelopmentsweretomaterialize,theywouldbeoffsetbyasurgeinexportsofmilledrice.theseexportsareup3.5timesinthefirsthalfof2010year-on-yearinvalueterms(thesix-monthvolumeisalreadyabovetheannualtotalvolumeexportedin2009).thesectorbenefitedfromtherecentadoptionofpaddyproductionandriceexportpolicy.Quickmeasuresintroducedtoboostriceexportsaretodoublethegovernment-runAgricultureDevelopmentandsupportFundandtodevelopacreditGuaranteeschemetoprovidegovernmentguaranteesofupto50percenttocompaniesandpaddycollectors.thecurrentaccountdeficitisexpectedtoworsenin2010,astheeconomicrecoveryboostsaggregatedemands.thecurrentaccountdeficitisexpectedtowidento13.6percentofGDPfrom11.6percentin2009.Foreignexchangereverseshavealsocontinuedtoriseevenintheperiodofcrisis.theinflationratehasslowedforthefifthconsecutivemonth,decliningfrom5.3percentin2009to2.6percentbyJune2010.Despiteahikeinricepricesby5percentoverthefirsthalfof2010,overallfoodpriceinflationremainedsubduedat1.8percentandcoreinflationwas1.3percentoverthisperiod.the2010yearlyconsumerpriceinflationisprojectedtobearound5percent.theexchangeratedepreciatedslightlyagainsttheu.s.dollarbyabout2percentamonthduringthefirstsixmonthsoftheyear.thispromptedthecentralbanktosellforeignexchangeamountingto$17millioninMayandJune.thedepreciationoftherielmayhelpcambodianexporters,butitmayhaveanadverseimpactonpoorconsumers.Lendingbythebankingsectorispickingup,althoughbanksremainliquid.Depositsinbankscontinuedtogrow,by9percentinmid-2009and32percentbymid-2010,reflectingthecautiouslendingbybanksexercisedsincethecrisisperiod.Lendingneverthelessstartedtoimproveduringthefirsthalfof2010butremainedlowerthanthepre-crisislevel.thelending-deposit-ratiostoodCOUNTryPAgESANDkEyINDICATOrSWoRLDbANKEASTASIAANDPACIFICECONOMICUPDATE2010,voL.244at71percentinJune2010,comparedto81percentinJune2009.Mostlendingoverthepast12monthswasdirectedatlow-risksectors,mainlyretail/wholesaletrades,tourism-relatedactivities(hotel/restaurants),andsomemanufacturing.credittotheprivatesectorisexpectedtoaccelerateduringthesecondhalfof2010.confidenceinthebankingsectorcontinuestoimprove.InAugust,theNationalbankofcambodiaissuedanorder(prakas)allowingbankstooutsourcetheirpaymenttransactionservicestothird-partyprocessors.thiswillhelppromoteamoreefficientuseofthebankingsystemandprovidemoremodernpaymentservices.tofurtherbuildconfidenceinthesector,continuedtightsupervisionofthebanksandpropermanagementofthenewminimumcapitalrequirements(tobeenforcedattheendof2010)remainimportantpriorities.thegovernmenthasstartedtounwindthefiscalstimulusintroducedin2009.thefiscaldeficitreached8.1percentofGDPin2009andisexpectedtoshrinkto5.5percentofGDPin2010.Inthefirsthalfoftheyear,revenuesroseby17.5percentyear-on-yearwhileexpendituresfell3percent.theincreaseinrevenueswasledbythevalueaddedtax(vAt),excise,andimportdutiescollections.Revenuesalsobenefitfromadoublingoftheroadtaxonvehiclesandtheintroductionofapropertytax.Anti-smugglingeffortshavebeensteppedupinrecentmonths,especiallyinlog/timbersmuggling.thegovernmentisalsoplanningtoexpanditsautomatedcustomsdeclarationprocessfromitscurrent3maincustomssitestomorethan10othersites.theautomatedsystemhashelpedimprovecustomsprocessingtime,management,andtherisk-basedinspection.ontheexpenditureside,thegovernmentiscurbingthegrowthofthewagebillbyfreezingnewrecruitmentandpromotionofcivilserviceexceptintheeducationandhealthsectors,andlimitingnon-essentialrecurrentexpenditures.thegovernmentadoptedtheupdatedNationalstrategicDevelopmentPlan(NsDP)inMaytoextenditsdevelopmenttargetsuntil2013.theupdatedplantargetseconomicgrowthof6percentayearandpercapitaincomeofnearly$1,000by2013.under-fivechildmortalityistargetedtodeclineto55per1,000livebirthsfromitscurrentrateof82.Accordingtocambodia’sMDGMonitoringupdateReportprepared