WB retains growth forecast for Cambodia at 5.5% this year

03/10/2023 10:15

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.

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

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

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

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

Mattoo said foreign direct investment (FDI) inflows will likely be boosted by the new law on investment and newly ratified free trade agreements./.

VNA