World Bank says Cambodia’s economy recovering well in post-pandemic era

PHNOM PENH, Dec. 7 (Xinhua/APP) –:Cambodia’s economy is recovering well from the influence of COVID-19 pandemic with the growth being forecast at 4.8 percent in 2022 and 5.2 percent in 2023, the World Bank said in a report released on Wednesday.

In its Cambodia Economic Update, the lender said the post-pandemic economic recovery has expanded thanks to a rebound in tourism, as the garment industry, travel goods and footwear exports have been resilient.

“The services sector, especially travel and tourism, has done well since the introduction of the ‘Living with COVID-19’ strategy in late 2021, and total international visitor arrivals have steadily increased, reaching 1.2 million in the first nine months of 2022,” the report said.

“Business and consumer confidence have risen and both domestic and foreign investment have increased,” it added.

However, prospects for faster growth face serious risks due to developments beyond Cambodia’s borders, the report warned.

Cambodia has a small economy that is open to outside trade and investment, and the global growth outlook is gloomy, it said, adding that global trade growth slowed in the second half of 2022 and is projected to slow sharply in 2023.