Cambodia is emerging as the fastest growing economy in the ASEAN region for the upcoming year.
Projections from the International Monetary Fund (IMF) indicate that Cambodia’s economy will expand from 5.6 percent this year to 6.1 percent in 2024, surpassing its growth rate of 5.2 percent in 2022. This positive outlook positions Cambodia as a leading economy among the ASEAN markets.
Comparatively, other countries in the region are projected to experience slower growth rates. The Philippines follows closely behind Cambodia with a growth projection of 5.3 percent in 2023 and 5.9 percent in 2024. Indonesia is forecasted to expand by 5.0 percent in both years mentioned, while Vietnam’s growth is expected at 4.7 percent this year and 5.8 percent in 2024.
Posing minimal growth, Thailand is at 2.7 percent this year and 3.2 percent next year while Myanmar’s growth is projected to be 2.6 percent for both this year and next year.
Interestingly, some of the richest economies in ASEAN, such as Singapore and Brunei, are anticipated to be the underperformers. Singapore’s economy is projected to grow by 1.0 percent in 2023 and 2.1 percent in 2024, while Brunei’s economy is forecast to decline by 0.8 percent this year but expected to bounce back at 3.5 percent in 2024.
Looking beyond the ASEAN region, China’s economy is expected to grow by 5.0 percent in 2023 and 4.2 percent in 2024. The IMF also forecasts moderate growth for Japan, South Korea, Australia, and New Zealand during the forecasted periods. However, the IMF cautions that the global economy as a whole is facing challenges and growth remains slow and uneven.
Nevertheless, Cambodia’s consistent and robust economic growth and the positive projections highlight the country’s potential for further development and investment opportunities for the coming years.
KH