Cambodian economy to grow 4.5% in 2022 and 5.5% in 2023: World Bank
New Covid variant could pose a risk to the ongoing recovery
In the latest data published by the World Bank on 12 January 2022, the economy of Cambodia is predicted to grow 4.5 percent this year and is expected to flourish by 5.5 percent more in the next year, reported Khmer Times.
However, the projected economic increase in Cambodia, along with its neighbours Thailand, Malaysia and the Philippines, which are highly dependent on tourism, won’t regain its previous numbers just yet.
The emergence of the Omicron variant can impede the ongoing recovery of tourism and its industry, just as the financial risks that come with climate-related events, vulnerability to natural disasters, and rising debt.
The World Bank report also noted that the potential rise in infections could curb the projected economic growth. The construction and real estate services sector especially has been corrected after 2021 from four percent to over two percent after tourism and travel.
More: Indonesia gives green light to foreigners looking to own homes or condo units
Before the Covid-period, around two million jobs were generated, and these contributed to a quarter of the GDP.
The Asian Development Bank, on the other hand, predicted Cambodia’s economy to surge by 5.5 percent this year, owing to the recovery of trading partners and their fundamental operations that help increase demand for the local exports.
Meanwhile, Prime Minister Hun Sen is optimistic that the economic growth in 2022 will exceed five percent on account of the rising export of agricultural products.
The Property Report editors wrote this article. For more information, email: [email protected].
Recommended
AI transforms Asia’s real estate sector: Enhancing valuation, customer interaction, and sustainability
From property valuation to measuring sustainability, AI is impacting nearly every aspect of Asia’s real estate industry
Bangkok’s luxury real estate flourishes amid economic challenges
New luxury mega projects boost the top end of Bangkok’s market, but stagnancy reigns elsewhere due to weak liquidity and slow economic growth
Investors shift focus to suburban and regional markets as Australian urban housing prices surge
Investors are gravitating to suburban areas and overlooked towns as Australia’s alpha cities see skyrocketing demand and prices
Hanoi’s air pollution crisis: Balancing urban growth with environmental sustainability
Hanoi’s worsening annual toxic smog is highlighting the pressures of balancing sustainability with rapid economic growth
U.S. tariffs pose challenges to China’s housing market amid economic slowdown
Escalating US tariffs are expected to strain China’s slowing economic growth and dampen buyer confidence, creating trouble for the country’s housing market