Cambodian GDP is on 4.8% growth path in 2022
Cambodia's GDP is on the growth path of 4.8% in 2022 as the post-pandemic recovery expands, according to the World Bank's Cambodia Economic Update for Dec 2022. The economy is recovering well, but global headwinds could pose risks to a positive outlook in months to come, the report says. Cambodia's garment industry, travel goods and footwear exports have been resilient. The services sector, especially travel and tourism, has done well with total international visitor arrivals reaching 1.2 million in the first nine months of the year. Business and consumer confidence have risen and both domestic and foreign investment have increased. Economic growth is projected to accelerate further to 5.2% in 2023, but face serious risks due to gloomy global growth outlook next year (global trade growth slowed in 2H22, and is projected to slow sharply in 2023). Mariam Sherman, World Bank's Country Director for Myanmar, Cambodia and Lao PDR, said that in order to shield its economy from a possible drop in external demand, Cambodia could take steps to strengthen its fiscal position and promote its domestic economy.
08th December 2022
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