Ambon Monila, Deputy Prime Minister And Minister Of Finance And Economics Of Cambodia: Clothing Industry Becomes The Main Driving Force

Ambon Monila, Deputy Prime Minister and Minister of Finance and Economics of Cambodia, said recently that the Ministry of Finance and Economics predicted that Cambodia's economic growth rate would reach 6% in 2024. This growth is mainly due to the continued expansion of export-oriented industries, especially the clothing industry.

Anton Monilla said that Cambodia has maintained a high level of economic growth in recent years on the basis of sustainable peace, social order, security and political stability. Since 2015, the country has made remarkable achievements in economic development and poverty reduction, and successfully ranked among low - and middle-income countries. It is estimated that the economic growth rate of Cambodia will be 6% and 6.3% in 2024 and 2025, which is mainly due to the strong performance of export-oriented industries, especially the clothing industry.

Ampon Monilla pointed out that accommodation and other related support industries (such as tourism) are expected to continue to maintain an upward trend and gradually recover to the pre epidemic level. At the same time, with the development of emerging production industries, the growth of non clothing industries, especially automobile assembly and food and beverage production, has maintained a strong momentum.

The inflation rate in 2024 and 2025 is expected to be 2.7% and 2.5% respectively, which is expected to remain within the controllable range.

(Source: website of Ministry of Commerce)