Projecting a marginal decline in Cambodia’s real gross domestic product (GDP) to 5.6 per cent this year, the International Monetary Fund (IMF) recently termed its economic growth ‘strong’. It is expected to grow by 6.1 per cent in 2024.
“On Cambodia, we have 5.6 per cent growth this year and 6.1 next year, 2024, it’s only 0.2 and 0.1 less than what we had before. And like the Association of Southeast Asian Nations (ASEAN) theme, it’s really revised down only because of weaker external demand. So, we do expect things to improve. And Cambodia is very exposed to the US and European market and demand there is weaker also,” Shanaka (Jay) Peiris, division chief of regional studies, Asia and Pacific Department, said during a press briefing on Regional Economic Outlook for Asia and Pacific in Singapore recently.
China exposure is also significant, and plays a role in the slightly weaker growth, which is still solid. RCEP does provide a diversification, he said.
