Cambodia's economy set to grow by six per cent this year, says its finance minister

PHNOM PENH(Bernama-Xinhua): Cambodian Minister of Economy and Finance Aun Pornmoniroth said that the country's economy is expected to grow at a rate of 6 per cent in 2024, up from 5 per cent in 2023.

The South-East Asian country's economy mainly relies on garment, footwear, and travel goods exports, tourism, agriculture, and real estate and construction, reported Xinhua.

"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 foreign direct investment thanks to its improvement of business and investment environment, 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. - Bernama-XInhua

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