Cambodia's economy expected to grow by 6% this year: finance minister


Cambodia's economy mainly relies on garment, footwear and travel goods exports, tourism, agriculture, and real estate and construction. - PPP

PHNOM PENH: Cambodian Minister of Economy and Finance Aun Pornmoniroth said here on Wednesday (June 12) that the country's economy is predicted to achieve a rate of 6 per cent in 2024, up from 5 per cent in 2023.

The country's economy mainly relies on garment, footwear and travel goods exports, tourism, agriculture, and real estate and construction.

"The growth is driven by the resurgence of the global economy, especially those of Cambodia's trading partners," he said in a speech during the inauguration ceremony of the Asian Development Bank's new resident mission in Phnom Penh.

"At the same time, domestic economic activity continues to maintain stability and positive trends, coupled with the royal government's resolute efforts to promote the implementation of its policies and strategies," he added.

Pornmoniroth, who is also a deputy prime minister, said Cambodia has achieved significant outcomes in ensuring national sovereignty, social order, security, safety and political stability, as well as maintaining macroeconomic and public financial stability over the past two decades.

"Cambodia has renewed its image, built a strong foundation of the national economy for development and improved the living standards of the people throughout the nation through continuous development of international trade based on the principles of multilateralism," he said.

He added that the kingdom has attracted more and more foreign direct investment thanks to its improvement of business and investment environment, development of physical infrastructure such as roads, bridges, canals and power lines, as well as continuous human capital development.

Pornmoniroth said the kingdom is on track to achieve the goals of becoming an upper-middle-income country by 2030 and a high-income country by 2050. - Xinhua

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Cambodia , economy , growth

   

Next In Aseanplus News

Koreans' chicken intake continues to rise, hits two per month: data
14 taken to hospital after accident involving lorry and bus in S'pore's Loyang Avenue
Flights resume after global IT crash wreaks havoc; Indonesia and Singapore announce all services back to normal
Manila says shoal resupply missions to remain Philippine operation
PM Srettha advises Thai nationals in Dhaka to stay vigilant amid student protests
China-Romania study reveal sun's influence may penetrate deep into earth
Vietnam to hold state funeral for late communist party leader Trong on July 25-26
Rain-triggered floods kill at least eight in south-western China
Japan to experience record heat and extreme temperatures from Sunday (July 21)
Brunei serviceman killed in motorbike accident in Keningau

Others Also Read