NBC Forecasts Cambodia’s Economic Growth at 5.3% in 2022

• 3 August 2022
• Local News
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The National Bank of Cambodia (NBC) has projected that Cambodia’s economic growth in 2022 will be at 5.3% which is higher than the previously estimated rate of just 3%.

The growth is due to the global economic recovery and the rapid resumption of economic activity, which will be supported by the garment sector, tourism, agriculture, and construction, the report added.

NBC Governor HE Chea Chanto said favourable local factors, along with the recovery of global growth, have boosted Cambodia’s exports of manufactured products and supported activities in the construction and real estate sectors.

Cambodia exported approximately US$11 billion worth of gross domestic product in the first half of 2022, up 31% from the same period in 2021, while imports rose 4% to US$15 billion.

The strength of the banking system has played an important role in fighting against COVID-19 and contributing to the sustainability of business activities, investment, and consumption, said HE Chea Chanto.

 

• Economy and Finance