World Bank Forecasts 5.8 pct Growth for Cambodia in 2024

This photo taken on May 1, 2023 shows containers stacking up at the Sihanoukville Autonomous Port in Sihanoukville, Cambodia. Photo by Ly Lay/Xinhua

PHNOM PENH -- Cambodia's economic growth will improve to 5.8 percent in 2024, up from 5.4 percent in 2023, a World Bank's senior economist said on Monday.

The Southeast Asian country's growth is traditionally driven by garment export, tourism, agriculture, as well as construction and real estate.

"The main drivers of growth are the revival of services and goods export, as global trade recovers," Aaditya Mattoo, chief economist of the World Bank's East Asia Pacific Region, said during a video press conference on the launch of the East Asia and Pacific Economic Update report.

He said that as Cambodia is deeply connected with China both on trade and investment, the Cambodia-China Free Trade Agreement could facilitate foreign direct investment flows from China to Cambodia.

According to Mattoo, Cambodia's growth is projected higher in 2025 at 6.1 percent.

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