The economic component of Cambodia’s ASEAN chairmanship in 2022 was less visible against the background of US–China tensions and the Ukraine and Myanmar crises. But promoting prosperity, deepening economic integration and bridging the region’s development gaps remain key ASEAN goals.
It is important that ASEAN follows this track, especially as Phnom Penh’s priorities build on ASEAN’s previous initiatives to bring important deliverables in strengthening the ASEAN Economic Community (AEC).
ASEAN member states showed good results in their post-COVID-19 economic recovery. According to ASEAN data, the association’s nominal GDP in 2021 surpassed its pre-pandemic levels and reached US$3.3 trillion, while in 2022 it is projected to grow by 5 per cent. This prognosis is echoed by both the Asian Development Bank and the IMF’s outlooks.