Cambodia’s economic growth top defy Covid-19

Cambodia’s economy continues to grow despite the volatile situation of Covid-19, according to Ky Sereyvath, an economist and director general of the Chinese Academy of Sciences of the Royal Academy of Cambodia. He stated that while the National Bank of Cambodia (NBC) projected a 6% economic growth for 2023, it is now expected to be around 3%, however, the overall economic situation in Cambodia remains positive.

Sereyvath attributed Cambodia’s economic growth to six major factors: political stability in the country, a resurgence in tourism, effective management of Covid-19, the government’s intervention in changing livelihoods, state fiscal policy and the state’s intervention in the exchange rate of the riel against the US dollar.

Despite high external challenges, NBC recently forecast that the Cambodian economy in 2023 will grow at around 6%. This increase is expected to be driven by 6.9% growth in the garment sector, a 14.3% increase in non-garment manufacturing and an 18.5% increase in agriculture, construction and tourism.

Overall, Cambodia’s economy continues to show resilience and growth potential despite the challenges posed by the ongoing pandemic. However, it is important to note that the situation remains uncertain and subject to change depending on the evolution of the pandemic and other external factors.