PHNOM PENH: – Cambodia’s National Bank of Cambodia (NBC) Governor, H.E. Dr. Chea Serey, painted a positive economic picture for the country in 2024, highlighting robust growth and manageable inflation despite global challenges.
Governor Serey forecasts a strong 6% GDP growth for Cambodia in 2024, supported by favorable external and domestic conditions. This growth is expected to be driven by a combination of factors, including Cambodia’s diversified exports, which encompass garments, other manufactured goods, and a growing tourism sector. While agriculture remains a contributor, its growth is projected to be slower.
The Governor emphasized the potential of trade agreements like the Regional Comprehensive Economic Partnership (RCEP) to attract foreign investment and further diversify Cambodia’s exports.
Acknowledging potential challenges like geopolitical tensions and tighter monetary policies, Governor Serey expressed confidence in Cambodia’s banking system’s ability to weather these external shocks. The NBC, she assured, will collaborate with relevant authorities to ensure financial stability and introduce necessary measures to support economic growth.
On the inflation front, Cambodia is expected to see a continuation of the low and manageable trend, with the rate falling to 2% by year-end, after reaching a peak of 2.1% in 2023 due to global price increases.