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Cabinet predicts economic growth for 2023

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The cabinet meeting on October 28. AKP

Cabinet predicts economic growth for 2023

Cambodian economic growth for 2023 is expected to be 6.6 per cent higher than the of the current gross domestic product of 32,291 million. GDP per capita is predicted to rise to $1,924, from the current figure of $1,785, according to the outcome of an October 28 cabinet meeting.

Government expenditure was expected to be $9,004 million, an increase of 12.4 per cent on 2022. $5,126 million will be current expenditure (an increase of 9 per cent), while $3,877 million is capital expenditure (an increase of 17.1 per cent).

The government expects to generate 15.4 per cent more current revenue in 2023, while capital revenue is predicted to grow by 2.5per cent.

At the sub-national level, an expenditure of $999 million is expected, an increase of 19.7 per cent compared to last year. Total revenues are predicted at $640 million, a full 22.1 per cent higher.

Government expenditure targets economic recovery in the context of Covid-19. It increases salaries for public servants and pensions for veterans, while reducing the pension gap. It also supports the cash transfer programme for poor and vulnerable people, vocational training, and the development of Run Ta Ek and Peak Sneng villages in Siem Reap province, electricity subsidies, election preparations and the 2023 Sea Games.


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