Cambodia’s economy to grow by 5.3% in 2022; 6.5% in 2023: ADB

Cambodia’s economy is forecast to grow by 5.3 per cent in 2022 and 6.5 per cent in 2023, thanks to strong merchandise exports and foreign direct investment inflows, according to a report by Asian Development Bank (ADB).

Industry output is expected to grow by 8.1 per cent in 2022 and 9.1 per cent in 2023. This growth will also be buoyed by the implementation of the Garments, Footwear, and Travel Goods Development Strategy to raise competitiveness in this segment, according to the Asian Development Outlook (ADO) 2022.

“Cambodia’s growth rebounded to an estimated 3 per cent in 2021 after a contraction of 3.1 per cent in 2020. The government has implemented policies to mitigate the negative impact of COVID-19 on businesses and people’s incomes and to support economic recovery. Widespread vaccination against COVID-19 has enabled the country to reopen its borders for trade and tourism, leading to positive economic prospects for this year and 2023,” said ADB acting country director Anthony Gill.

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