MEF: Cambodia’s Economic Growth Projected at 4.8% in 2022

• 17 August 2021
• Local News
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The Ministry of Economy and Finance has forecasted the kingdom’s economic growth in 2022 at 4.8% due to the gradual positive recovery signs driven by the effective vaccination campaign.

Speaking at the seminar on the macroeconomic policy framework and public finance 2022 on the morning of Tuesday 17 August, Minister of Economy and Finance HE Aun Pornmoniroth expected that 2022 will be a better year than 2021.

“Unlike 2021, 2022 is expected to see a better growth. Due to the February 20 community incident and the presence of a new strain of the virus, 2021 projected growth rate has gone down from 4% to only 2.4%,” said HE Pornmoniroth.

He added that the government has thus far disbursed about US$719 million to help stabilise people’s livelihoods and support business activities. However, due to the February 20 incident, the budget could reach US$1.454 billion.

Similar, 2021 is also a bad year for the real sector and construction sectors. According to a CBRE report in July, the completion forecast for condos in 2021 dropped from 10,825 units to only 7,909 units.

Meanwhile, the retail market has also witnessed significant struggles in H1, with occupancy dipping 4.6% over the first six months, to 71.5% on average. Likewise, the office market saw a 3.8% drop in occupancy rates.(Read more)

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