Vietnam & Cambodia among Southeast Asia's fastest-growing economies

22 Apr '23

2 min read

Pic: Shutterstock/Popartic

Insights

Vietnam and Cambodia are among the fastest-growing economies in Southeast Asia, with both countries projected to experience GDP growth of 5.8 per cent in 2023.
Vietnam's public debt is expected to remain the lowest among eight ASEAN members.
Cambodia's economy is expected to benefit from new trade agreements that promote inward investment and exports.

Vietnam and Cambodia are among the fastest-growing economies in Southeast Asia, as per several major organisations. Vietnam is projected to experience a 5.8 per cent growth in its gross domestic product (GDP) in 2023, positioning it in a tie for second place in the region with Cambodia, following the Philippines, the International Monetary Fund (IMF) said.

Vietnam’s public debt is also expected to remain the lowest among eight Association of Southeast Asian Nations (ASEAN) member countries. Projected to reach 6.9 per cent by 2024, Vietnam’s GDP growth is expected to be the highest among Southeast Asian countries. The country’s public debt is estimated to decrease to 31.3 per cent of the national GDP by 2028—the lowest in two decades. In terms of inflation, Vietnam is expected to reach 5 per cent and 3 per cent in 2023 and 2024, respectively, several local media reports said quoting the IMF.

The Asian Development Bank (ADB) said that Cambodia is anticipated to experience a GDP growth rate of 5.5 per cent in 2023 and 6.0 per cent in 2024. The country’s inflation rates are forecast at 3 per cent and 4 per cent in 2023 and 2024, respectively. Cambodia’s per capita GDP growth is expected to be 4.1 per cent in 2023 and 4.6 per cent in 2024.

The Economist Intelligence Unit (EIU) forecast that Cambodia’s real GDP growth will accelerate slightly to 5.3 per cent in 2023, after an estimated 5.1 per cent in 2022. The nation’s economy is expected to benefit from new trade agreements that promote inward investment and exports.

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