Industrial output is expected to grow by 8.1 percent in 2022 and 9.1 percent in 2023. According to the Asian Economic News, this growth will also be driven by the implementation of clothing, footwear and travel products development strategies to increase the competitiveness of this sector. 2022 Development Outlook (ADO).
“Cambodia’s growth rate contracted by 3.1% in 2020, but recovered to an estimated 3% in 2021. Implementing policies to support economic recovery. Widespread vaccination against COVID-19 has allowed the country to reopen its borders for trade and tourism this year and in 2023. The outlook is bright.” Anthony Gill, Acting ADB Country Director.
Exports of goods and services are projected to increase in 2022 and 2023 due to strong external demand for Cambodian products, supported by a recovery in tourism services.
Currently, ADB is implementing $2.3 billion in investment projects in Cambodia. In 2021, ADB committed $327.1 million in sovereign financing and grants, and supported an additional $5 million through cofinancing to Cambodia. ADB’s 2022-2025 financing pipeline includes $1.44 billion in concessional loans and $37 million in grants to support the country’s economic development and recovery from the COVID-19 pandemic. It is included.
Fibre2Fashion News Desk (KD)