Published on September 25, these figures are the result of the slow rise in food prices and the fall in fuel prices during the first six months of the year.
ADB Country Director Varma Jyotsana said: “ The rebound in manufacturing – particularly for clothing, footwear and travel goods – is fuelling growth ” He added that agriculture, tourism and industry are the main contributors to the economy.
The report said exports of clothing, footwear and travel goods increased by 16.9% compared to the same period last year, after falling by 18.6% between 2022 and 2023.
” Agriculture and tourism are steadily gaining ground, while the continued influx of foreign direct investment is fueling the country’s economic momentum “, Varma Jyotsana continued. Agricultural production was supported by reduction in prices of fuel-related goods and services as well as the cost of fertilizers. Agriculture is expected to grow by 1.2% this year, and services by 5.4%.
” This forecast is supported by a 22.7% year-on-year increase in tourist arrivals in the first half of 2024, reaching 94.8% of pre-pandemic levels in the first half of 2019. “, the bank said.
However, there remain risks to the country’s economic outlook, including ” weaker growth in major economies such as China, Europe and the United States, high private debt, volatile global fuel prices and the severe impact of extreme weather events “.
Source: Cambodianess
