WB: Cambodia Ranks Third in Southeast Asia’s Fastest Growing Economies in 2023

The World Bank (WB) has maintained its 2023 economic growth rate forecast for Cambodia at 5.2 per cent from its projection in October 2022. This places Cambodia as the third-fastest-growing economy in the region, after Vietnam (6.3%) and the Philippines (5.6%), according to the World Bank’s updated economic forecast for the Southeast Asia region.

The report attributes the projected growth to China’s reopening, which is expected to help the economy in the region rebound to a 5.1% pace from 3% last year. The same report predicts that the economies of the East Asia and Pacific region would grow by about 5.1% in 2023, mainly driven by expectations of an acceleration in the growth of China’s economy.

“Growth in developing East Asia and the Pacific is forecast to accelerate to 5.1% in 2023 from 3.5% in 2022, as China’s reopening helps the economy rebound to a 5.1% pace from 3% last year,” the report states.

The Cambodian Ministry of Economy and Finance also recently released a 5.6% economic growth forecast for 2023. Permanent Secretary HE Vongsey Visoth notes that China’s opening contributed significantly to this growth.

With Cambodia’s projected economic growth, there is increasing interest in the country’s real estate market. Investors and developers are eyeing Cambodia as a potential area for investment and expansion, particularly in the tourism and hospitality sectors. As the country continues to grow, the real estate market is expected to experience positive developments and opportunities.

Source: Construction and Property