Economy to grow 4.8 percent next year, bank says

Cambodia’s economy will grow 2.4 percent this year, with gross domestic product improving to 4.8 percent in 2022, according to Phillip Bank, the only Singapore-owned commercial bank in the Kingdom.

Phillip Bank Director Ong Teong Hoon said next year’s pick up will be driven by a revival in the three main sectors of the economy: first garments, footwear and textiles, second non-garments such as electronic components, toys and bicycles and third agriculture. Ong said the economy probably won’t return to pre-Covid-19 growth levels until 2024 because he does not expect a revival in tourism until at least 2023.

From a banking perspective he said the National Bank of Cambodia responded to the Coronavirus pandemic in a timely and correct manner and the government also responded well.

read more https://www.khmertimeskh.com/50956602/economy-to-grow-4-8-percent-next-year-bank-says/