Cambodia’s economy to grow 5.1% in 2022

Cambodian economy will grow at 5.1 percent this year and 6.2 percent in 2023, according to the Ministry of Economy and Finance. The forecast followed the preliminary assessment of the macroeconomic situation of Cambodia by the International Monetary Fund (IMF) mission here.

Regarding the assessment of the economic and financial situation in the country, Alasdair Scott, the IMF’s mission chief for Cambodia said that the growth will be due to the socio-economic recovery, despite some risks such as high inflation, ongoing Russian-Ukrainian war, a slowdown of the Chinese economy, and faster-than-expected tightening monetary policy in developed countries.

At the same time, the Cambodian economy in 2023 is expected to grow higher than the previous forecast at 6.2 percent, mainly due to the growth of the tourism sector. The IMF also urged the government of Cambodia to take timely steps to address the social and economic challenges and prevent the spread of Covid-19. In particular, Cambodia’s successful vaccination campaign should continue.

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