EIU Sees Cambodia as One of World's Fastest Growing Economies in 2024

Phnom Penh, September 28, 2023 --

The Economist Intelligence Unit (EIU) forecast Thursday that Cambodia would be among the world’s fastest growing economies next year.

According to a webinar by the affiliate of The Economist newspaper in London, Brunei, the Philippines and Vietnam are also expected to have high levels of growth in 2024 along with Ethiopia, Uganda and Tanzania.

“It’s mainly an emerging markets story for next year,” said Tom Rafferty, the EIU’s head of global forecasting and economics.

"Overall, growth is expected to remain flat next year, at a slow and steady pace,” he said.

With the world global economy projected to expand by 2.3 percent next year, the EIU said the United States was likely to suffer a “slowdown but no recession” in 2024.

Deflation in Japan is meanwhile forecast to come to an end next year and China’s economy is seen as "weak but stabilising,” the EIU said.

Other Asian economies are expected to benefit from export recoveries, falling interest rates and supply chain investments, it added.

At the same time, the EIU said, Europe is expected grow faster than the United States as it rebounds from weak growth this year.