PM: Cambodia’s economy to grow by 6.6% this year

PHNOM PENH: Cambodia's economy is expected to grow by 6.6 percent in 2023, up from 5.5 percent last year, according to Samdech Techo , Cambodian Prime Minister, on March 22, 2023.

PM notably said Cambodia has carefully pursued macroeconomic policies, stabilizing the economy, and promoting economic diversification, competitiveness, domestic production, and consumption. The volume of international trade exceeds $48,151 million, with exports exceeding $20,460 million and imports exceeding $27,691 million.

The Royal Government has stated its strong commitment to deepening reform and encouraging investors to invest more in Cambodia, even as we facilitate trade facilitation to strengthen Cambodian investors' competitiveness, the PM added. Gross domestic product (GDP) per capita will rise from $1,730 in 2021 to $1,785 in 2022 and is expected to reach $1,924 in 2023.

In the agricultural sector, due to favorable weather conditions for growing rice throughout the Kingdom of Cambodia, wet season and dry season rice production reached more than 11.62 million tons, an increase from 2021. It is estimated to have a rice surplus of more than 6.29 million tons, which equates to more than 4 million tons of rice for export.

Over 637 thousand tons of rice were exported to 57 different countries. In terms of the industry and handicraft sector, although the Kingdom of Cambodia has been affected by Covid-19, the industry and handicraft sector have continued to grow.

There are 1,982 factories, mostly garment and footwear, and over 43,997 small and medium-sized industries and handicrafts, employing over 14 million people.

In comparison to 2021, the Kingdom of Cambodia welcomed approximately 2.28 million international tourists, an increase of roughly 1,059 percent, and about 13.93 million domestic tourists, an increase of approximately 199 percent.

Tourism generated approximately US $1,415 million in revenue, with ticket sales at Angkor accounting for more than $ 11.52 million. There were approximately 28.7 million international tourists.

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