Cambodia’s 2024 Economic Outlook: Seasia Stats Projects 6.1%, Gov’t Forecasts 6.6%, WB Predicts 5.8%

• 9 April 2024
• Local News
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Cambodia’s economy is set to achieve robust growth in 2024, with a forecasted expansion of 6.1%, marking the highest figure among ASEAN nations and placing it as the third-highest in Asia. This projection, updated by the Indonesian statistics institute Seasia Stats and reported by RFI on 7 April 2024, underscores Cambodia’s remarkable economic resilience and potential for substantial development.

According to Seasia Stats, Cambodia’s economic growth surpasses that of its ASEAN counterparts, with the Philippines following closely at 5.9% and Vietnam at 5.8%. Across Asia, the 6.1% growth rate puts Cambodia in third place after India at 6.3% and Macau at an impressive 27.2%. Up to 27.2%.

Furthermore, Cambodia’s growth trajectory positions it as a key player in the region’s economic landscape, with its deep trade and investment ties with China playing a pivotal role in driving growth, as highlighted by Aaditya Mattoo, the World Bank’s chief economist for the Asia-Pacific region.

Despite differing forecasts, both the World Bank and the Cambodian government express optimism about the country’s economic outlook. While the World Bank predicts a growth rate of 5.8%, slightly lower than government estimates, Prime Minister Samdech Hun Manet remains bullish, projecting a growth rate of 6.6% for 2024 and envisioning a return to pre-pandemic growth levels by 2028.

Additionally, reports from the International Monetary Fund and the Asian Development Bank echo varying growth forecasts, with estimates of 6.0% for 2024, a bit lower than the government but at least higher than the World Bank’s source. Despite differing projections, all indicators point towards a promising future for Cambodia’s economy, underlining its potential for sustained development and prosperity.

• Economy and Finance