ADB projects Cambodia’s economy at robust growth in 2023 and next year

• 5 April 2023
• Local News
• 1154 Views

The Asian Development Bank (ADB) has forecast Cambodia’s economy at a robust growth of 5.5% in 2023 and 6.0% in 2024 on a more robust tourism recovery and higher growth in the services sector.

According to an Asian Development Outlook April 2023 report released today issued on April 4, the tourism sector is expected to grow 7.3% in 2023 before easing to 6.8% in 2024.

Inflationary pressure is anticipated to moderate at an average rate of 3.0% in 2023 and 4.0% in 2024, read the statement.

“Despite weaker global demand, Cambodia’s economy continued to perform well in 2022 led by ongoing tourism recovery,” said ADB Country Director for Cambodia Jyotsana Varma.

“Cambodia’s economic outlook is positive with robust growth, shrinking current account deficit, and moderate inflation in 2023,” she said.

The Asian Development Outlook April 2023 report says Cambodia’s economy grew by an estimated 5.2% in 2022, owing primarily to rising external demand for Cambodian products and tourism services, which led to a revival of demand for food and accommodation, and growth in local trade, transport, and communications subsectors.

ADB is implementing US$2.4 billion of investment projects in Cambodia, with average annual lending of more than US$350 million from 2016 to 2022.

In 2023, the World Bank has similarly projected that Cambodia’s economic growth rate is 5.2 percent, ranking third compared to other countries in the region. ASEAN. (Read more)

 

• Economy and Finance