30/01/2024
Projected economic growth for 2024
The Ministry of Economy and Finance’s Budget in Brief for the Fiscal Year 2024 stated that the country’s economy is anticipated to recover and is projected to grow at approximately 6.6%. The growth is expected to increase the gross domestic product (GDP) to around 142.66 trillion riel (equivalent to about $34.97 billion).
The forecast attributes the economic upturn primarily to the industrial sector, with an expected growth of 8.5%, followed by service at 6.9% and agriculture at 1.1%.
“The industrial sector is projected to continue its growth at around 8.5% in 2024, a significant increase from about 5.0% in 2023. This is due to the anticipated recovery of the garment sub-sector, while the non-garment manufacturing sub-sector is expected to maintain strong growth. Additionally, the construction sub-sector is projected to continue its gradual growth,” it stated.
“Meanwhile, the introduction of the Law on Investment is expected to contribute significantly towards making the investment environment more attractive and favourable,” the report added.
Cambodia actively seeking direct investment for SME sector growth