World Bank says Cambodia needs to diversify its tourism products and improve its trade competitiveness

Cambodia’s economy is on a recovery path, with growth predicted to accelerate to 5.5 per cent in 2023, led by manufacturing exports, according to a World Bank report. In 2022, growth reached 5.2 per cent, returning to pre-COVID-19 levels, mainly due to a rebound in services, especially trade.

Medium-term growth is expected to hit 6 per cent.

Cambodia’s economy is firmly on a path to recovery, led by manufacturing exports and growth in other sectors, as per the World Bank. Post newly ratified trade agreements, economic growth is forecast to accelerate to 5.5 per cent in 2023. Cambodia’s economic recovery solidified in 2022, when real growth accelerated to 5.2 per cent.

A strong rebound in services, especially trade has helped bring Cambodia back to pre-COVID-19 growth levels. This revival is also boosted by easing domestic prices as global oil and food prices stabilise, according to the ‘Cambodia Economic Update: Post -COVID-19 Economic Recovery’ by the World Bank.

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