PHNOM PENH, Aug 12 (Bernama-Xinhua) -- Cambodia's economy is projected to grow by 6 per cent in 2024, slightly lower than the earlier prediction of 6.6 per cent, due to slower-than-expected growth in some sectors, especially construction and real estate, according to a mid-year report released on Monday, reported Xinhua.
The Southeast Asian country's economy is mainly driven by garment, footwear and travel goods exports, tourism, agriculture, construction and real estate.
According to the report issued by the Ministry of Economy and Finance, the industrial sector, mainly garments, shoes and travel goods, as well as construction, is projected to grow by 7.9 per cent this year.
The service sector, particularly tourism, transport, and telecommunication, trade, and real estate, is expected to increase by 5.8 per cent, and agriculture is likely to rise by 0.7 per cent, the report stated.
"Construction is expected to recover at a slow pace of 1.1 per cent, while real estate is forecast to grow by 1.2 per cent," it said.
Hoe Ee Khor, chief economist of the ASEAN+3 Macroeconomic Research Office (AMRO), said that Cambodia remains one of the countries with the fastest growth in the region.
"The construction sector may experience a slower recovery pace, with growth potentially falling short of pre-pandemic levels due to the prolonged real estate downturn," he told Xinhua in an e-mail.
"The boost in infrastructure investment will partially offset the weakness in the real estate sector."
-- BERNAMA-XINHUA
