Cambodia’s Economy to Grow 6% in 2024, Driven by Garment Exports and Emerging Industries
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Academician Aun Pornmoniroth, Deputy Prime Minister and Minister of Economy and Finance of Cambodia, has projected the nation’s economic growth to reach 6% in 2024. This growth is expected to be driven primarily by continued momentum in export-oriented industries and a robust garment sector.
Speaking at a recent forum in Phnom Penh, Aun Pornmoniroth highlighted the country’s strong foundations, including sustainable peace, social order, safety and security, and political stability. These factors have enabled Cambodia to consistently achieve high economic growth, leading to significant milestones such as poverty reduction and attaining lower-middle-income status in 2015.
Looking ahead, the Deputy Prime Minister anticipates the economy will grow by 6% in 2024 and 6.3% in 2025. Key contributors to this growth include the sustained expansion of export-oriented sectors, with the garment industry playing a pivotal role.
The tourism sector, encompassing accommodation and other supporting services, is also expected to maintain an upward trajectory, gradually returning to pre-pandemic levels. In addition, non-garment industries such as automotive assembly, food and beverage production, and newly emerging production industries are projected to maintain resilient growth.
Inflation rates are forecasted to remain stable, with 2.7% in 2024 and 2.5% in 2025, further supporting Cambodia’s positive economic outlook.
Source: AKP, Khmer Times
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