The ASEAN+3 Macroeconomic Research Office (AMRO) has maintained a 6.2 percent growth for Cambodia in the current year in its January 2024 Quarterly Update.
The Kingdom’s projected growth rate is the second highest in the region, trailing by a very low margin behind the Philippines, which is expected to clock 6.3 percent growth in the current year.
At 3.1 percent, Cambodia’s inflation is also set to remain within stable limits in 2024, according to the leading economic research and analysis organisation.
It highlighted the tourism resurgence in the Kingdom though the numbers still haven’t reached the pre-pandemic levels. “As of Q3 2023, service exports across most ASEAN+3 economies (in balance-of-payment terms) have already exceeded end-2019 values, except for a few economies such as Thailand and Cambodia—at around 65 percent—given their large reliance on tourism sector,” the report said.
“Holiday travel is expected to provide a further lift to tourist arrivals for the whole of 2023, and a full recovery to pre-COVID-19 levels is anticipated to materialize later in 2024,” it added.
Reflecting seasonal factors as well as the gradual return of Chinese tourists, ASEAN+3 visitor arrivals have stabilised at around 80 percent of their pre-pandemic levels between September to November, the report emphasised. Source: AMRO
