PHNOM PENH: During a get-together with nearly 20,000 garment factory workers, Cambodian Prime Minister Samdech Techo Hun Sen announced that the country’s economy is predicted to achieve a growth rate of 5.6 percent in 2023, up from 5.2 percent in 2022.

The Prime Minister attributed this growth to the nation’s peace and the successful containment of the COVID-19 pandemic, which have laid strong foundations for economic recovery.

He emphasized the necessity for all citizens to protect the peace, which is a fundamental requirement for national development. Cambodia’s economy relies predominantly on garment exports, tourism, agriculture, and real estate and construction.

According to the May economic update from the World Bank, pent-up consumer demand, agricultural production, and the return of foreign tourists following China’s reopening have sustained the country’s economy.

Additionally, the Regional Comprehensive Economic Partnership (RCEP) agreement, the Cambodia-China Free Trade Agreement, and the Cambodia-Republic of Korea Free Trade Agreement have all contributed to the country’s economic growth.

The International Monetary Fund’s recent World Economic Outlook ranks Cambodia among the three most robust RCEP economies in 2023, along with the Philippines and Vietnam.