Nine-Month Leadership Boosts Cambodia’s Economy to 6%, Tops ASEAN

• 4 June 2024
• Local News
• 1176 Views

Under the nine-month leadership of the Cambodian government’s seventh mandate, the Cambodian economy is projected to grow by approximately 6% in 2024, making it the fastest-growing economy in ASEAN and the third in Asia post-COVID-19. This announcement was made by Pen Bona, Minister Delegate to the Prime Minister and a government spokesman, during a recent press conference on 21 May 2024.

The 6% growth rate signifies Cambodia’s successful recovery trajectory, earning international recognition. Pen Bona highlighted the government’s efforts to stimulate investment both domestically and internationally, resulting in over 100 new investment projects valued at more than US$2 billion and creating over 10,000 jobs. These initiatives have bolstered the economy, providing substantial employment opportunities for Cambodians.

The 2023 Financial Stability Report from the National Bank of Cambodia attributed this growth to robust exports in garments and non-garments, the recovery of tourism and related sectors, and significant growth in transport and telecommunications. However, the agriculture sector is expected to see slower growth.

According to the ASEAN+3 Macroeconomic Research Office (AMRO), Cambodia’s economy is forecasted to grow by 5.6% in 2024 and 5.9% in 2025, compared to 5% in 2023. (Read more)

• Economy and Finance