Phnom Penh (FN), May 12 – Cambodia has downgraded her economic growth forecast from 5.6 percent to 5.2 percent in 2022 due to the effects of Russia-Ukraine war.
Premier Hun Sen spoke during a meeting with more than 2,000 Cambodians living in the United States and Canada on Thursday (May 12).
“This year, we expected to achieve 5.6 percent of economic growth, but due to the effects of Russia-Ukraine war, the Asian Development Bank projected that Cambodian economic growth is expected to grow by only 5.2 percent,” the premier underlined.
During COVID19 outbreak in 2020, Cambodian economy shrunk from 7 percent in 2019 to minus 2.1 percent, which was known as a terrible decline.
The World Bank has projected that the Cambodian economy will grow by 4.5 percent in 2022, 5.8 percent by 2023 and 6.6 percent by 2024.