WB: Cambodia’s economic growth forecast for 2022 remains at 4.8%

• 8 December 2022
• Local News
• 1195 Views

World Bank has projected that Cambodia’s real GDP growth for 2022 will remain ​​at 4.8% as previously forecasted due to the positive increase of exports of garment​ and non-garment products, especially the arrivals of foreign tourists.

The forecast is based on Cambodia’s Economic Updates on Navigating Global Economic Headwinds issued on 7 December.

The surge in manufacturing exports—especially garment, footwear, travel goods, and bicycle manufacturing; the revival of the travel and tourism industries; and the return of FDI inflows have helped sustain this year’s economic recovery, read the report.

World Bank said that even though the economy is expected to expand next year further, supported by a recovery of domestic consumption as employment rates improve and inflation recedes, along with strong government consumption during an election year, real growth projection for 2023 has been downgraded to 5.2% due to the less favourable global outlook.

• Economy and Finance