WB: Cambodia’s economy on solid recovery path

May 22, 2023 | 15:25

(0) user say

Cambodia’s economy is on a recovery path, with growth predicted to accelerate to 5.5 per cent this year, according to a World Bank (WB) report.

WB: Cambodia’s economy on solid recovery path

At SEA Games 32 in Cambodia (Photo: AFP)

Phnom Penh – Cambodia’s economy is on a recovery path, with growth predicted to accelerate to 5.5 per cent this year, according to a World Bank (WB) report.

In 2022, growth reached 5.2 per cent, returning to pre-pandemic levels, mainly due to a rebound in services, especially trade.

Medium-term growth is expected to hit 6 per cent.

Cambodia’s economy is firmly on a path to recovery, led by manufacturing exports and growth in other sectors.

“To safeguard its economic recovery, Cambodia needs to diversify its tourism products and destinations and improve its trade competitiveness by boosting connectivity, reducing trade barriers, and streamlining customs procedures,” said WB Country Manager for Cambodia Maryam Salim.

Cambodia can aid this growth through investing in connectivity infrastructure and personnel development, safeguarding financial stability, and promoting diversification of exports to enhance the economy’s resilience and competitiveness.

Cambodia to start construction of expressway to Vietnam

Cambodia is scheduled to start the construction of the Phnom Penh-Bavet Expressway close to Vietnam’s Moc Bai international border gate in June 2023, said Sun Chanthol, Minister of Public Works and Transport of Cambodia.