Cambodian ministry projects nearly 6.6% growth in 2024

Cambodian ministry projects nearly 6.6% growth in 2024


Cambodia’s economy is projected to grow by nearly 6.6 per cent this year despite geopolitical tensions and a global economic slowdown, according to officials from the ministry of economy and finance.

A significant early-year rebound in the garment sector has contributed to the projection.

Secretary of state in the ministry Phan Phalla Phalla said the garment sector has considerably recovered and its exports in January this year exceeded those in the same month last year.

There has been a steady rise in foreign direct investment (FDI), a significant increase in Chinese investments, and a lot of optimism indicates a positive recovery, he noted.

A slight increase in inflation to 3.2 per cent is forecast for 2025 for Cambodia.

There is a need for increased vigilance this year in the context of rising challenges and risks, both domestic and international, Phalla said.

“Cambodia will continue to face a number of internal structural problems, especially limited competition and the slow pace of economic diversification, as well as continued strong reliance on external demand,” he was quoted as saying by a Cambodian news outlet.

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Reporter: Fibre2Fashion News Desk (DS)

Publication date: 23 February 2024

Source: Khmer Times