Several prominent organizations have published their predictions for Cambodia’s GDP in 2024, offering valuable insights into the country’s economic prospects. Let’s examine the forecasts from six entities: the Cambodian Government, the World Bank, the IMF, the ADB, and the National Bank of Cambodia (NBC). These projections provide a comprehensive understanding of Cambodia’s economic outlook, aiding policymakers, businesses, and investors in decision-making. By considering the range of forecasts, we gain a glimpse into potential growth opportunities. It’s important to note that these projections are subject to uncertainties, but they serve as crucial indicators for assessing Cambodia’s economic performance and shaping future strategies.
Cambodian Government: 6.6%
According to the Ministry of Economy and Finance (MEF) of Cambodia, the country’s GDP is forecasted to grow by 6.6% in 2024. This growth is expected to result in a Gross Domestic Product (GDP) of approximately 142,957 billion riels, which is equivalent to $35.168 billion. Based on the MEF’s report, the performance of Cambodia’s economy in 2024 will predominantly rely on the growth of three key sectors: the Industrial Sector, the Service Sector, and the Agricultural Sector. For further information, please visit Cambodia’s Economy in 2024 Projected to be Led by 3 Main Sectors
World Bank: 5.8%
The World Bank forecasts Cambodia’s GDP growth to reach 5.8% in 2024, according to a report published in November 2023. The economic growth in Cambodia for 2024, as projected by the World Bank, will depend on sectors such as exports, foreign direct investment, private and public investment in physical infrastructure, and the implementation of structural reforms. For further information, please visit Cambodia’s Economy 2024 forecasted by the Government.
International Monetary Fund (IMF): 6.0%
According to the IMF, Cambodia’s GDP growth in 2024 is projected to be 6.0%. This forecast is based on a report titled “CAMBODIA: 2023 ARTICLE IV CONSULTATION—PRESS RELEASE; AND STAFF REPORT” published by the IMF on January 31, 2024.
Asian Development Bank (ADB): 5.8%
According to the Asian Development Bank (ADB) report published on April 11, 2024, Cambodia’s GDP is forecasted to grow at a rate of 5.8% in 2024 and 6.0% in 2025. This growth is expected to be driven by a further rebound in tourism and strong prospects in industrial exports. For further information, please visit: Cambodia’s Economy 2024 Forecasted by ADB
National Bank of Cambodia (NBC): 6.4%
According to a report published by the National Bank of Cambodia (NBC) on January 19, 2024, Cambodia’s GDP is projected to expand by 6.4% in 2024, as forecasted by NBC. Despite prevailing uncertainties and potential geopolitical crises, the country remains optimistic about its economic growth prospects. This growth is expected to be driven by the tourism and manufacturing sectors. The tourism sector is anticipated to recover more promisingly, supported by improvements in the regional tourism industry and infrastructure development. The manufacturing sector, particularly the production of non-garment products, is expected to achieve better growth facilitated by the implementation of a new investment law.
Based on the predictions from various organizations, Cambodia’s GDP growth in 2024 is projected to range from 5.8% to 6.6%. The Cambodian government is most optimistic, with a forecast of 6.6% growth, while the World Bank and ADB offer a slightly more conservative estimate of 5.8%. The growth is expected to be driven by a rebound in tourism, strong performance in the manufacturing sector, particularly non-garment products, and continued development in agriculture and services. While these projections provide valuable insights into Cambodia’s economic prospects, it’s important to note that they are subject to uncertainties and should be used as indicators rather than definitive outcomes.
Sources:
[1] Ministry of Economy and Finance. (2024). Budget in Brief.
[2] World Bank. (November 2023). From Recovery to Reform.
[3] International Monetary Fund (IMF). (January 31, 2024). CAMBODIA: 2023 ARTICLE IV CONSULTATION—PRESS RELEASE; AND STAFF REPORT.
[4] Asian Development Bank (ADB). (April 2024). Asian Development Outlook.
[5] National Bank of Cambodia (NBC). (29 January 2024). Macroeconomic and Banking Sector Development in 2023 and Outlook for 2024.
