IMF Forecasts Strong Economic Growth in Cambodia’s Key Sectors for H2 2023

• 12 May 2023
• Local News
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The second half of 2023 is set to witness robust economic growth in Cambodia, driven by four key sectors, according to Mr. Davide Furceri, Chairman of the new IMF Mission.

During a meeting with HE. Aun Porn Moniroth, Deputy Prime Minister and Minister of Economy and Finance, on 9 May 2023, Mr. Furceri highlighted the factors expected to propel Cambodia’s economy forward.

The projected economic upturn hinges on the global economic situation, particularly the anticipated improvement in Cambodia’s major trading partners during the latter half of 2023.

This positive shift is expected to stimulate Cambodia’s economic recovery through significant growth in four crucial sectors: exports, services, tourism, and non-industrial industries.

Mr. Furceri emphasized that “despite the prevailing risks and uncertainties in the global economy, Cambodia is poised to maintain a strong growth rate in 2023 compared to other countries in the region”

“The rapid normalization of social activities, aided by government intervention measures to mitigate socio-economic impacts, coupled with the anticipated recovery of Cambodia’s trading partners, contribute to this positive outlook,” he added.

Notably, the World Bank has projected Cambodia’s economic growth to rank third among other ASEAN countries, with a forecasted growth rate of 5.2% for 2023. Additionally, the Asian Development Bank (ADB) has recognized Cambodia as the 14th fastest-growing economy, projecting a growth rate of 5.8%. These assessments further validate the country’s positive trajectory and its attractive investment opportunities.

As Cambodia’s economy gains momentum, the real estate market stands to benefit from increased investor confidence and the flourishing business landscape. This presents an opportune moment for both local and foreign investors to explore the potential offered by Cambodia’s thriving real estate sector, leveraging the nation’s economic growth and stability. (Read more and more)

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