WB retains growth forecast for Cambodia at 5.5% this year

The World Bank maintained its economic growth forecast for Cambodia at 5.5% in 2023 in its East Asia and Pacific economic update report released on October 2.

Tuesday, October 03, 2023 10:15

WB retains growth forecast for Cambodia at 5.5% this year ảnh 1

Illustrative image (Photo: phnompenhpost.com)

Phnom Penh (VNA) - The World Bank maintained its economic growth forecastfor Cambodia at 5.5% in 2023 in its East Asia and Pacific economic updatereport released on October 2.

The Southeast Asian country's growth is driven by garmentexport, tourism, agriculture, and construction and real estate.

Aaditya Mattoo, chief economist of the World Bank's EastAsia and Pacific Region, said Cambodia's economic outlook remained positive,boosted mainly by the recovery of the services sector, especially tourism andimprovements in agricultural production.

In 2024, the economy is expected to improve further, growingat 6.1% as goods exports are projected to also improve and gradually diversify,he said.

Mattoo said foreign direct investment (FDI) inflows willlikely be boosted by the new law on investment and newly ratified free tradeagreements./.

VNA

#World Bank #Cambodia #5.5% #economic growth forecast #East Asia and Pacific economic update report #Vietnam #Vietnamplus #Vietnam News Agency Cambodia

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