Cambodia sees 32nd SEA Games yielding short- and long-term economic benefits
In recent years, Australia, China, Singapore, and the US have been among the Kingdom’s largest buyers and investors
Xinhua recently reported that the World Bank revised Cambodia’s economic growth forecast by increasing it to 4.8 percent, up from its previous projection of 4.5 percent back in April.
Data showed that approved FDI project value rose to USD315 million in Q2 2022 on the back of investment and trade growth.
The report mentioned that merchandise (excluding gold) exports went up by 33 percent YoY during the first seven months of 2022. The expansion was mainly driven by garment and travel goods exports, as well as the travel and tourism sector.
More: Cambodia shows strong recovery in the property sector and foreign investments
The International Monetary Fund, on the other hand, lowered its GDP growth projections for 2022. It is now at five percent, down from last April’s 5.1 percent.
Moreover, from a previous estimate of over six percent, the growth forecast for next year has gone down to 5.5 percent, according to The Phnom Penh Post.
Asian Development Bank’s (ADB) growth estimate for this year, on the other hand, remains at 5.3 percent, but due to weaker global growth, next year’s outlook has been lowered to 6.2 percent from 6.5 percent.
Meanwhile, Cambodia will be hosting the 32nd SEA Games in nine months. This is tied to many major infrastructure and transportation projects, which are also expected to have a significant impact on investment and tourism, reported the Khmer Times.
Thomas O’Sullivan, chief executive of realestate.com.kh, mentioned in a previous statement that the SEA Games will put Cambodia on the map, saying, “We know that when someone travels to a foreign country, they may consider buying property there. We believe now is a really good time to get into the market.”
Sothavatey Mom, Country Manager for FazWaz Cambodia, believes that hotels and restaurant will be affected in the short term while the international media coverage leading up to and during the Games, as well as the anticipated foreign audience and visitors in Cambodia, including corporate sponsors, will all be favourable for the property market in the long run.
In recent years, Australia, China, Singapore, and the US have been among the Kingdom’s largest buyers and investors.
The Property Report editors wrote this article. For more information, email: [email protected].
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