MEF: GDP per capita is expected to reach $2,071 by 2024

Cambodia's gross domestic product (GDP) per capita is expected to reach $2,071 by 2024, an increase of 8% from 2023. This is according to data from the "BUDGET IN BRIEF 2024" report of the Ministry of Economy and Finance.

According to the report of the Ministry, according to the forecast, Cambodia's economy in 2024 is projected to recover and is expected to achieve a growth rate of around 6.6%, which puts the current GDP in the range of 142,957 billion riels, equivalent to about $35,168 million, while GDP per capita is expected to increase to $2,071, compared to $1,917 in 2023.

According to the Ministry, Cambodia's economic growth in 2024 is supported by three main sectors: (First), the industrial sector is projected to continue to grow at around 8.5% in 2024 from about 5.0% in 2023 due to the expected recovery of the garment sub-sector, while the non-garment manufacturing sub-sector continues to maintain strong growth while the construction sub-sector remains low.

(Second): The service sector is projected to continue the good trend of a 6.9% growth rate in 2024 from a good base of around 8.1% in 2023 due to the continued recovery of domestic economic activity. In particular, the hotel and restaurant sub-sector will also have a positive impact on other support sub-sectors, including wholesale, retail, and transportation sub-sectors.

(Third): The agricultural sector is expected to continue to achieve good growth of 1.1% in 2024 compared to 0.9% in 2023 due to the continued good trend of the crop sub-sector and the continued recovery of the fisheries sub-sector, while the livestock sub-sector continues to be stable.

Dr. Hong Vannak, an economics researcher at the Royal Academy of Cambodia, said that Cambodia's GDP growth per capita projections were made by experts who have been closely monitored and researched.

He said we are now seeing more and more investors investing in various sectors, which is driving the development and progress of the local socio-economic system, and per capita income will also increase.

He added that the government is demonstrating its commitment to raising the living standards and incomes of Cambodia people. In fact, in 2023, despite the global economic downturn, Cambodia's exports to international markets will continue to maintain growth momentum.