Cambodia to grow at 5.1% in 2022, 6.2% in 2023, 6.6% in 2024: IMF

01 Nov '22

2 min read

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Cambodia is set to report robust growth this year as well as the next few years, according to the International Monetary Fund (IMF), which recently projected that the country will grow at 5.1 per cent in 2022, 6.2 per cent in 2023 and 6.6 per cent in 2024 due to prudent trade promotion policies, including free trade agreements (FTAs) and high rate of vaccination against COVID-19.

In its ‘Regional Economic Outlook Report for Asia and Pacific: Sailing into Headwinds’, IMF noted that as of October 29 this year, the number of COVID-19 vaccination doses administered per 100 people in the country increased to 265, which was exceptional.

This makes Cambodia one of the most vaccinated countries in the Association of Southeast Asian Nations (ASEAN) as well as across the globe.

The country has reported strong consumption, growth of services and exports in the first half this year, the IMF report said.

IMF expects the recovery in the ASEAN region to be strong this year. Growth is projected at slightly more than 5 per cent in Cambodia, Indonesia and Malaysia, and 6.5 per cent in the Philippines, Cambodian media reported.

Vietnam is benefiting additionally from trade diversion from China and is expected to grow at 7 per cent. Myanmar is expected to begin a moderate recovery, with a growth of 2 per cent in 2022, the IMF report said.

The growth momentum is expected to moderate somewhat in 2023 for Indonesia, Malaysia, the Philippines, Singapore and Vietnam. Cambodia and Thailand will instead expand faster as the recovery in foreign tourism is now expected to be more vigorous.

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