The World Bank on Thursday raised its growth forecast for Cambodia to 5.5 per cent in 2023, up from its earlier projection of 5.2 per cent.
“Driven by pent-up consumer demand and the return of foreign tourists, the overall contribution of the services sector to economic growth is returning to the 2019 levels,” Maryam Salim, World Bank country manager for Cambodia, said during the launch of the May 2023 Cambodia Economic Update.
“Meanwhile, the agriculture sector is benefitting from improved access to regional markets, thanks to newly ratified bilateral and regional free trade agreements,” she added.
World Bank senior country economist Ly Sodeth said Cambodia’s economic recovery strengthened despite weakening global demand, reports Xinhua news agency.
Read More : World Bank Raises Cambodia’s Growth Forecast for 2023 to 5.5%