PHNOM PENH: Cambodia’s economy is expected to achieve a 6.6 percent growth rate in 2024 thanks to the continued good tendency of the industry, service, and agriculture sectors, the main pillars of the Cambodian economy.
The projection was mentioned in the draft National Budget Law 2024 released late last week by the Ministry of Economy and Finance.
The projected 2024 economic growth is higher than that of 2023 which is estimated to be 5.6 percent, it pointed out. Gross domestic product per capita is expected to increase to $2,071 in 2024, up from an estimated $1,917 in 2023, the source underlined.
The industry sector is expected to increase by 8.5 percent in 2024, up from 5 percent in 2023 thanks to the expected recovery of the garment sub-sector and the strong growth of the non-garment manufacturing sub-sector, while the growth in the construction sector would remain low.
The service sector is forecast to continue to grow, at 6.9 percent next year even though less than in 2023 (around 8.1 percent) with the recovery of local economic activities, and the agriculture sector is expected to achieve a 1.1 percent growth in 2024, up from 0.9 percent this year thanks to crop, fisheries and animal husbandry sub-sectors.
The draft document, however, stated that Cambodia will continue to face major risks and challenges, especially from external factors that could make the growth unable to achieve as projected and slow down Cambodia’s overall economic growth over the medium period.