Cambodia's economic growth forecast to 5.3% for 2024 by the World Bank

Economy and Industry

Cambodia's economic growth forecast to 5.3% for 2024 by the World Bank The World Bank has revised its economic growth forecast for Cambodia, projecting a growth rate of 5.3% for 2024. This adjustment reflects the challenges faced by the country, including a slowdown in credit growth and deteriorating asset quality, particularly in the real estate sector. The World Bank's revised growth forecast underscores the need for careful management of financial risks, while the significant increase in rubber latex exports highlights the country's potential in the global market. Despite these challenges, Cambodia's economy continues to show resilience, driven by positive growth in goods exports and a recovery in tourism. The World Bank's report highlights the need for continued vigilance in managing financial risks and ensuring sustainable economic growth. (Source: Khmer Times)

Cambodia's rubber latex exports generate $568 million in first 11 months of 2024 In the first 11 months of 2024, Cambodia earned $568 million from the export of natural rubber latex, marking a significant increase of 26.7% compared to the same period last year. The country exported 342,010 tonnes of rubber latex, up 2.34% from the previous year. The average price per tonne of rubber latex rose to $1,662, contributing to the overall increase in revenue. Cambodia's primary export markets for rubber latex include Malaysia, Vietnam, Singapore, and China. The expansion of rubber plantations and the increase in tapping areas have supported this growth, positioning Cambodia as a key player in the global rubber market. By continuing to implement supportive policies and investments, Cambodia can further enhance the competitiveness and sustainability of its rubber industry, contributing to economic growth and poverty reduction. (Source: Khmer Times)

Cambodia's exports of garments, footwear, and travel goods increase by 25%, growth anticipated to persist in 2025 Cambodia's garment, footwear, and travel goods (GFT) sector experienced a remarkable surge in exports, with a nearly 25% increase in the first three quarters of 2024. The country earned nearly $24 billion from these exports, which accounted for over half of its total export revenue. This growth is attributed to the stable political environment, favorable investment laws, skilled labor force, and improved transportation infrastructure. Major markets for Cambodia's GFT exports include the US, EU, UK, Japan, South Korea, and China. The positive trend is expected to continue into 2025, driven by increasing global demand and the country's competitive advantages. By continuing to implement supportive policies and investments, Cambodia can further enhance the competitiveness and sustainability of its GFT sector, contributing to economic growth and employment. (Source: Khmer Times)

Corporate News

JTI emphasizes Cambodia's $10 million yearly tax revenue loss due to illegal tobacco trade at EuroCham FMCG Forum Japan Tobacco International (JTI) highlighted the significant economic impact of the illicit tobacco trade in Cambodia during a presentation at the EuroCham Fast-Moving Consumer Goods (FMCG) Forum. The government loses an estimated $10 million annually in tax revenue due to illicit tobacco products, which account for 18.5% of the market. The presentation emphasized the broader implications for the Asia-Pacific region and called for strengthened collaborative efforts to combat this issue. Illicit tobacco products, including contraband and counterfeit goods, primarily enter Cambodia through Vietnam and Thailand, bypassing taxation and regulatory controls. This illegal trade undermines public health initiatives and creates significant challenges for legitimate businesses. (Source: Cambodia Investment Review)

Stock Market

CSX index rebounds 0.11% on December 13, 2024 On December 13, 2024, the CSX Index rebounded by 0.11%, closing at 401.1 points. Gains were recorded on the main board by PEPC (+0.85%), PAS (+0.36%), and ABC (+0.29%), while PPAP (-0.75%) posted losses. Meanwhile, PWSA, GTI, PPSP, MJQE, and CGSM remained unchanged. On the growth board, DBDE rose by 1.00%, while JSL held steady. The session concluded with a trading volume of 48,354 shares and a turnover of KHR 323 million. (Source: YSC Research)

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