Cambodia's 2022 economic growth estimate revised to 5.4%

Based on the latest preliminary evaluation by the ministry of economy and finance, Cambodia’s economic growth this year is projected to continue to pick up, driven by growth in domestic economic activity, including production, services and general consumption, interest rates, the vaccinated population, allowing for the full socio-economic activity to reopen, Vongsey Vissoth, minister attached to the prime minister, said.

The meeting, chaired by Vissoth, was attended by representatives from development partners, including the Asian Development Bank (ADB), the World Bank and the International Monetary Fund, according to reports in Cambodian media.

Vissoth stressed on the importance of focusing on short-term and medium-term policies related to attracting investment, especially to sectors that can contribute to job creation, maximising the benefits of price increases, agricultural products, stabilising market prices, reducing logistics costs and developing skills, in line with the 3Rs (reduce, reuse and recycle) approach of the strategic framework and programmes for economic recovery.

ADB had predicted last month that Cambodia’s economic growth will reach 5.3 per cent in 2022 due to strong merchandise exports and foreign direct investment inflows.

The World Bank projected that Cambodia’s economy will grow by 4.5 per cent in 2022, up from 3 per cent last year, and over the medium term, the economy is expected to trend back to potential, growing at around 6 per cent.

Fibre2Fashion News Desk (DS)