WB: Cambodia’s economy to grow by 5.3% in ’24

Cambodia’s economy is expected to grow by 5.3 per cent in 2024, up from 5.0 per cent in 2023, driven by increased manufacturing exports and a partial rebound in tourism, according to the World Bank’s (WB) latest Cambodia Economic Update.

International tourist arrivals have returned to pre-COVID-19 levels, but tourist spending remains lower than in 2019 due to fewer visitors from high-spending countries. Domestic consumption is also affected by low credit growth and high household debt.

Special focus on Cambodia’s productivity growth to achieve high-income status by 2050. Recommendations: accelerate structural transformation, promote modernisation, digitalisation, and address business environment challenges.

Attribution: The World Bank report

Subediting: M. S. Salama