World Bank says Cambodia’s economy on recovery path, forecast 4.8 percent GDP growth for this year

According to the World Bank’s Cambodia Economic Update for December 2022, Cambodia’s economy is expected to grow 6 percent after the dreadful pandemic, as international and domestic tourism recovery. The services sector, especially tourism, in which international visitor arrivals have steadily increased, reaching 1.2 million in the first nine months of 2022. However, prospects for faster growth might face serious risks due to developments beyond Cambodia’s borders. The economies of developing countries are particularly vulnerable to rising inflation, slower global economic growth, decreased availability of energy supplies, and higher interest rates. Mariam Sherman, World Bank Country Director for Myanmar, Cambodia and Lao PDR, said that “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, in particular, its globally attractive tourism industry”.

Reference: World Bank says Cambodia’s economy on recovery path, forecast 4.8 percent GDP growth for this year. (2022, December 7). Khmer Times. Retrieved from: https://www.khmertimeskh.com/501198797/world-bank-says-cambodias-economy-on-recovery-path-forecast-4-8-percent-gdp-growth-for-this-year/