Post by account_disabled on Dec 14, 2023 2:56:19 GMT -8
SCB EIC expects the CLMV economy to grow stronger in 2023, bucking the trend of a slowing global economy. But growth will still be lower than potential compared to the pre-COVID-19 period. SCB EIC expects the CLMV economy in 2023 to grow stronger. But it is still lower than the growth potential before the COVID-19 outbreak, with different growth rates in each country. It depends on the economic structure and risk factors of each country. It is estimated that this year Cambodia will expand 5.5%, Lao PDR and Myanmar.
Domestic consumption has positive factors from the labor market that continues to recover. This can be seen from the fact that employment in Vietnam in the fourth quarter Email Data of 2022 increased to the highest level since the COVID-19 outbreak. Meanwhile, the service sector will benefit from an increase in the number of tourists this year. Especially from Chinese tourists, who are important to CLMV, accounting for approximately 30-35% of all tourists in 2019. China has approved tour groups to travel to Cambodia.
and Lao PDR starting February 6, and the list of countries that can travel is expected to be added soon. Cambodia and Vietnam will benefit the most from the tourism recovery. Due to high dependence on the tourism sector at 18.2% and 9.8% of GDP, respectively. On the other hand, foreign demand is likely to slow in line with the low global economic expansion. This will affect the CLMV economy through export channels and foreign direct investment. Vietnam will be most affected.
Domestic consumption has positive factors from the labor market that continues to recover. This can be seen from the fact that employment in Vietnam in the fourth quarter Email Data of 2022 increased to the highest level since the COVID-19 outbreak. Meanwhile, the service sector will benefit from an increase in the number of tourists this year. Especially from Chinese tourists, who are important to CLMV, accounting for approximately 30-35% of all tourists in 2019. China has approved tour groups to travel to Cambodia.
and Lao PDR starting February 6, and the list of countries that can travel is expected to be added soon. Cambodia and Vietnam will benefit the most from the tourism recovery. Due to high dependence on the tourism sector at 18.2% and 9.8% of GDP, respectively. On the other hand, foreign demand is likely to slow in line with the low global economic expansion. This will affect the CLMV economy through export channels and foreign direct investment. Vietnam will be most affected.