Cambodia to see region's fastest growth

Cambodia's economy is forecast to be the fastest-growing in the Association of Southeast Asian Nations, according to the latest outlook by the International Monetary Fund backed by analysts. In the World Economic Outlook published on Tuesday, the IMF projected that Cambodia's real GDP will grow 5.6 percent this year and 6.1 percent next year, up from the 5.2 percent growth recorded last year.

This means the kingdom is likely to become the fastest-growing economy in the 10-nation bloc for two consecutive years. Cambodia's growth was closely followed by the Philippines, whose economy is expected to grow 5.3 percent this year and 5.9 percent next year. Indonesia's economy is estimated to grow 5 percent in both 2023 and 2024, while the Lao economy is projected at 4 percent for both years. Growth in Myanmar is expected to be stable for 2023 and 2024 at 2.6 percent.

Vietnam is expected to grow by 4.7 percent this year and 5.8 percent next year, while the predicted growth for Malaysia is 4 and 4.3 percent, respectively. Thailand's economy is expected to grow 2.7 percent this year and 3.2 percent next year. Singapore's economic growth will slow to 1 percent this year, down from 3.6 percent last year, but will rebound slightly to 2.1 percent next year.

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