Cambodia’s GDP growth rate rose from 4.9 percent in July to 5 percent in October quarterly update, according to the ASEAN+3 Macroeconomic Research Office (AMRO). AMRO chief economist, Dr. Hoe Ee Khor told Khmer Times that “Cambodia’s economy is expected to grow at a faster pace of 5.0 percent in 2022 on the back of robust external demand and a resumption in tourism and domestic activity.” He also added about his expectation on the hotel and restaurant sectors to rebound the economy next year. The service sector with the recovery of tourism is expected to grow strongly in 2023 while the manufacturing sector could be affected by the lower global growth. Accordingly, ASEAN region is expected to grow strongly by 5.3 percent, and yet the inflation rate has accelerated in ASEAN+3, caused by remaining food and fuel prices.

Reference: Adur, P. (2022, October 07). AMRO revises upwards Cambodia’s GDP growth to 5%. Khmer Times. Retrieved from https://www.khmertimeskh.com/501164010/amro-revises-upwards-cambodias-gdp-growth-to-5/