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Cambodia's Economic Outlook Brightens Prime Minister Hun Manet Highlights Robust Growth

Phnom Penh, April 3, 2024 – Cambodia's economic growth remains robust, with a growth rate of 6.6 percent and is on track to regain the strong growth in the pre-Covid-19 period, Hun Manet, Prime Minister of the Kingdom of Cambodia, said on April 2.

Cambodia has undergone significant changes, evolving into a modern economy integrated into the global economy, he said, stressing that the Cambodian economy has shown remarkable resilience.

“Despite the recent setbacks, the Cambodian economy has recovered with a growth rate of 5.6 percent in 2023 and is projected to grow to 6.6 percent in 2024,” he said at the official opening ceremony of the Cambodia-ASEAN Business Summit in Phnom Penh.

Prior to the outbreak of Covid-19, Cambodia maintained an average economic growth rate of more than 7 percent per year for two decades, he recalled.

The growth is projected to return to the pre-pandemic growth rate of around 7 percent by 2028, the premier said, underlining that this shows the promising economic future of Cambodia.

World Bank on Monday forecast Cambodia's economic growth at 5.8 percent in 2024, up from 5.4 percent in 2023, making the country and the Philippines the fastest growing developing economies in Southeast Asia.

The Kingdom’s economy is mainly driven by garment, footwear and travel goods exports, tourism, agriculture, and real estate and construction.

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