Phnom Penh (FN), Jan. 25 – Cambodian secretary of state of the Ministry of Economy Vongsey Visoth confirmed that based on the latest assessment in 2023, Cambodia's economic growth is estimated to reach only 5.6 percent, compared to the previous prediction of 6.6 percent.

Vongsey Visoth spoke in a public forum on macroeconomic management and budget law 2023, held on Wednesday morning (Jan 25) at Sofitel Phnom Penh Phokeethra.

"Cambodia's economic growth is expected to grow by only 5.6 per cent based on the latest assessment. The new data was approved by Cambodian prime minister Hun Sen to be the most realistic data and is similar to the projection made by major international institutions," Visoth underscored.

According to the assessment of the Cambodian economy, the economic growth of 5.2 percent in 2022 is due to the recovery of the tourism sector, domestic consumption through wholesale and retails, and the strong manufacturing industries that boost garment exports.

"Compared to 2022, the economic growth in 2023 will be slightly higher due to a modest recovery in agriculture of 1.1 percent, while there was only 0.7 percent in 2022, and the non-garment manufacturing products 5.5 percent. Hopefully, there will be an increase in the tourism sector given the fact that many tourists are visiting Thailand and Viet Nam. Cambodia’s hosting SEA Games also play a major role in the economic growth," he continued.

However, the construction and real estate sectors remain in a slump in 2022 and 2023, with the slowdown likely to continue if foreign investment conditions slow down, he added.