In the latest East Asia and Pacific Economic Report released on October 2, the World Bank maintained Cambodia’s economic growth forecast for 2023 at 5.5%.
Phnom Penh (VNA) ・In the latest East Asia and Pacific Economic Report released on October 2, the World Bank kept Cambodia’s economic growth rate forecast for 2023 unchanged at 5.5%.
Growth in this Southeast Asian country is driven by clothing exports, tourism, agriculture, construction and real estate.
Aaditya Matthu, chief economist for the World Bank’s East Asia and Pacific region, said Cambodia’s economic outlook remained positive, driven primarily by a recovery in the services sector, including improvements in tourism and agricultural production.
He said exports of goods are also expected to improve and gradually diversify, and the economy is expected to improve further in 2024, growing by 6.1%.
Matthu said foreign direct investment (FDI) inflows are likely to increase with the new investment law and newly ratified free trade agreements.