Cambodia's Economy Expected to Grow 6.4 pct in 2024: Central Banker

Cambodia will mainly rely on the tourism industry to boost its economy in 2022 as the country is getting ready to welcome fully vaccinated tourists, experts say. Photo by Sem Vanna

PHNOM PENH -- The Cambodian economy is projected to grow by 6.4 percent in 2024, up from 5.5 percent in 2023, mainly driven by tourism and manufacturing sector, National Bank of Cambodia (NBC)'s Governor Chea Serey said on Friday.

The Southeast Asian country's economy is forecast to face both external and internal risks this year, she said in a speech during the closing ceremony of the NBC's two-day annual meeting.

Possible external risks include a decline in flows of international trade, investment as well as international financial market uncertainty, while internal risks can be a sluggish recovery in construction and real estate due to a low inflow of foreign investment, and climate change, according to the central banker.

Mey Kalyan, advisor to the Cambodian government and chairman of the Cambodia Development Resource Institute, said the government is proactively taking drastic measures to improve the business environment, upgrade infrastructure and logistics, and develop human resources in particular practical skills.

"These measures will accelerate economic growth, while at the same time ensuring economic resilience, sustainability, inclusivity and competitiveness," he told Xinhua.

Kalyan said these measures will also help Cambodia take benefits from the Regional Comprehensive Economic Partnership and the Cambodia-China Free Trade Agreement, which will in turn help boost economic growth.

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