NBC: Construction & Real Estate Sectors Expected to Growth in 2023
The construction and real estate sectors are expected to continue experiencing slower growth, at 1.7% and 1.2% respectively; though rising domestic demand in the affordable real estate market segment and the market demand of non-residents for high-end properties will take some time to return to pre-crisis levels. This is according to the vision of 2023 prepared by the National Bank of Cambodia on January 11th, 2023.
According to the National Bank of Cambodia, despite these external challenges, Cambodia’s economy is expected to grow by around 6% in 2023. This projected growth rate is supported by an expected 6.9% increase in the garment sector and 14.3% rise in non-garment manufacturing products.
The tourism sector is estimated to grow by 18.5% due to an increase in local tourists and international tourist arrivals as flight operations from China to Cambodia have been gradually resumed and travel restrictions on Chinese people going abroad have been lifted.
In particular, the inflation in 2023 remains highly uncertain due to the prolongation of the Russia-Ukraine war and the uncertainty of the global economy. In the scenario of the slowdown in the global economy and declining food prices, inflation in Cambodia is projected to decelerate to 2.5%.
