PHNOM PENH, Dec. 13 (Xinhua) -- Cambodia's economic growth was projected to reach 5.3 percent in 2024, up from 5 percent in 2023, driven mainly by trade, tourism and foreign direct investment, the World Bank said on Friday.

"A surge in manufacturing exports, combined with a partial recovery in tourism and continued foreign investment, helped sustain economic activity," the lender said in a news release.

World Bank Country Manager for Cambodia Tania Meyer said Cambodia can further boost its growth by diversifying trade and improving productivity.

"Investing in human capital, in particular education, and deepening reforms to improve the business environment will be key to enable the private sector to create more and better jobs," she said.

The number of international tourist arrivals reached pre-COVID-19 levels. However, tourist spending remains much lower than it was in 2019, because of less arrivals from high-spending countries, the news release said.

At the same time, domestic consumption is dampened by subdued credit growth and high household debt, it added.

The World Bank also recommended that Cambodia diversifies its exports of goods, especially manufactured and processed agricultural products, and services, particularly travel and hospitality, in order to reduce vulnerability to external shocks. Enditem

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