World Bank: Cambodia’s Economic Growth to Reach 4.5 Percent in 2022 and 5.5 Percent in 2023

World Bank: Cambodia’s Economic Growth to Reach 4.5 Percent in 2022 and 5.5 Percent in 2023

A World Bank release on January 12, 2022, said that Cambodia’s economic growth this year is expected to reach 4.5 percent this year and is projected to grow further to 5.5 percent in 2023.

The economies of Cambodia, Malaysia, the Philippines and Thailand, which depend on tourism, are not expected to recover to previous levels, the report said.

The presence of the Omicron variant of coronavirus can disrupt the recovery of the tourism and tourism industry in line with increased financial risks Up with rising debt and vulnerability to natural disasters and climate-related events.

The report goes on to say that the risk of a recurrence of Covid-19 infection could slow down Cambodia’s economic recovery. In particular, the construction and real estate services sector after 2021 will be adjusted from 4 percent to more than 2 percent after tourism and travel.

It is estimated that about two million jobs were created and contributed a quarter of GDP during the pre-epidemic period.

According to a report by the Asian Development Bank, Cambodia’s economy will be around 5.5% in 2022 due to the economic recovery of trading partners. Key activities that help boost demand for Cambodia’s exports.

Prime Minister Hun Sen expects that Cambodia will have economic growth of more than 5% in 2022 due to the export of agricultural products. Khmer Times