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ADB forecasts Cambodia\'s economic growth rate to be 5.3% in 2022
2022-04-08 266 阅读

The Asian Development Bank forecasts Cambodia's economic growth to be 5.3 percent this year and 6.5 percent in 2023, based on strong merchandise exports and continued foreign direct investment inflows.


According to a report released by the Asian Development Bank (ADB) on the 6th, Cambodia's strong commodity exports and continuous inflow of foreign direct investment make Cambodia expected to achieve a rapid economic recovery. Cambodia's economic growth rebounded to 3.0% in 2021 after contracting by 3.1% in 2020. The Cambodian government has implemented policies to mitigate the negative impact of Covid-19 on businesses and people's incomes, and support economic recovery.


Anthony Gill, ADB representative in Cambodia, noted that Cambodia's high vaccination rates allow it to reopen trade and tourism, leading to a positive economic outlook for this year and 2023.


According to the 2022 Asian Development Outlook (ADO), Cambodia’s industrial sector is expected to grow by 8.1% in 2022 and 9.1% in 2023, which will boost the competitiveness of Cambodia’s apparel, footwear and travel products.


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Exports of goods and services are expected to continue to grow in 2022 and 2023 as a recovery in tourism services supports strong external demand for Cambodian products. The services sector is expected to rebound to 4.8% this year and 6.8% in 2023. The reopening of the economy and high levels of vaccination coverage will see a gradual recovery in tourism, which in turn will support demand for accommodation, food, transportation and other in-person services. The report calls for Cambodia to diversify its economy to foster sustainable growth.


Anthony Kiel said that increasing trade and tourism alone will not be enough to help Cambodia maintain high economic growth. Cambodia, which has traditionally focused on the production and export of clothing, travel goods and footwear, can benefit from light industries such as bicycles, electronic components and wiring products. . Diversification will make the economy more resilient to external demand shocks.


According to the report, at present, ADB is implementing investment projects of US$2.3 billion in Cambodia. In 2021, ADB committed $327.1 million in sovereign loans and grant aid, and facilitated an additional $5 million through co-financing for Cambodia. ADB's 2022-2025 lending pipeline includes US$1.44 billion in concessional loans and US$37 million in pro bono assistance to support Cambodia's economic development and recovery from the COVID-19 pandemic.

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