Kingdom sets macroeconomic and budget strategies for 2023

Kingdom sets macroeconomic and budget strategies for 2023


The government has released macroeconomic and budget strategies to lift the economic growth by collecting revenues and setting priorities by sectors with expectations of lower inflation and a stable exchange rate for 2023 supported by additional intervention packages, according to a statement.

The government forecast that the economy will grow by 6.6 percent in 2023 — 1.2 percent higher than the projected 5.4 percent this year supported by better trends of global demand and higher confidence of investors amid the relaxed and controlled Covid-19 pandemic, the statement said.

The inflation is estimated to drop to 2.5 percent this year from the projected 5 percent in 2022 as this year the prices of oil and commodities have risen steeply in the international markets due to the conflict between Russia and Ukraine and the exchange rate will stay around 4,065 riel against the US dollar, the document states.

“The government has considered increasing intervention packages to mitigate the impacts of the rising inflation and boost domestic investment to support economic development and creating jobs,” it pointed out.

The foreign direct investment (FDI) for 2022 and 2023 has been expected to recover around 12 percent and 11.6 percent of Gross Domestic Product (GDP) respectively, which is supported by “rising confidence of investors and faster changes in regional and global production and supply chains, it added.

For full article, please read here



Author: Kang Sothear
Source: Khmer Times

Publication date: 21 June 2022