Cambodia GDP set to grow 7%

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The Central Market in Phnom Penh, Cambodia

Cambodia is projected to have the second fastest-growing economy in Southeast Asia behind Laos over the next few years, the World Bank said in a regional economic update on December 19.

The country’s economy will grow by an average of 7 per cent in each of the next five years, the report said. It says that GDP would grow 6.6 per cent in 2012, a slight dip from the 7.1 per cent growth recorded in 2011 due to a slowdown in demand for garments from markets in the US and Europe.

“The country’s future prospect is seen to remain healthy with forecast medium-term growth averaging about 7 per cent per annum over the next five years,” the report stated.

Foreign direct investment into Cambodia was around $1.3 billion in 2012. With 72 new projects launched by mainly Chinese and Korean investors, the World Bank  predicts foreign investment in the country to edge up to $1.4 billion in 2014, or almost double the amount received in 2010 during the global financial crisis.

Among ASEAN countries, only Laos is forecast to post faster growth than Cambodia over the next two years. Lao GDP growth is forecast at 7.5 per cent in both 2013 and 2014, down from an estimated 8.2 per cent this year.

Among other ASEAN economies, Myanmar is forecast to grow by 6.5 per cent next year followed by Indonesia at 6.3 per cent, the Philippines at 6.2 per cent and Vietnam at 5.5 per cent. Thailand and Malaysia are both forecast to grow by 5 per cent with Singapore expanding only 2 per cent. Forecasts for Brunei weren’t available.

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Reading Time: 1 minute

The Central Market in Phnom Penh, Cambodia

Cambodia is projected to have the second fastest-growing economy in Southeast Asia behind Laos over the next few years, the World Bank said in a regional economic update on December 19.

Reading Time: 1 minute

The Central Market in Phnom Penh, Cambodia

Cambodia is projected to have the second fastest-growing economy in Southeast Asia behind Laos over the next few years, the World Bank said in a regional economic update on December 19.

The country’s economy will grow by an average of 7 per cent in each of the next five years, the report said. It says that GDP would grow 6.6 per cent in 2012, a slight dip from the 7.1 per cent growth recorded in 2011 due to a slowdown in demand for garments from markets in the US and Europe.

“The country’s future prospect is seen to remain healthy with forecast medium-term growth averaging about 7 per cent per annum over the next five years,” the report stated.

Foreign direct investment into Cambodia was around $1.3 billion in 2012. With 72 new projects launched by mainly Chinese and Korean investors, the World Bank  predicts foreign investment in the country to edge up to $1.4 billion in 2014, or almost double the amount received in 2010 during the global financial crisis.

Among ASEAN countries, only Laos is forecast to post faster growth than Cambodia over the next two years. Lao GDP growth is forecast at 7.5 per cent in both 2013 and 2014, down from an estimated 8.2 per cent this year.

Among other ASEAN economies, Myanmar is forecast to grow by 6.5 per cent next year followed by Indonesia at 6.3 per cent, the Philippines at 6.2 per cent and Vietnam at 5.5 per cent. Thailand and Malaysia are both forecast to grow by 5 per cent with Singapore expanding only 2 per cent. Forecasts for Brunei weren’t available.

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