Cambodia , with economic growth forecast at 7.2 percent in 2014, will be one of the countries recording the highest growth in Southeast Asia , according to the World Bank (WB).
Cambodia ’s economy is expected to grow by 7.2 percent this year, 0.2 percent higher than the previous prediction, the same as Laos ’ level, the institution said in its latest Economic Update report.
Myanmar is forecast to growth 7.6 percent, followed by the Philippines with 6.6 percent; Vietnam , 5.5 percent; Indonesia , 5.3 percent; Malaysia , 4.9 percent; and Thailand , 3 percent.
The WB adjusted Cambodia ’s economic growth based on “continued global economic recovery, the return of stability to the domestic economic environment and renewed confidence over the rest of the year.”
It also maintains its growth forecast for the country at 7 percent for the next two years.
Earlier, the Asian Development Bank (ADB) gave its prediction of 7 percent in 2014 and 7.3 percent in 2015 for Cambodia .
According to the WB’s report, the developing East Asia and Pacific (EAP) region’s economy is lowered to 7.1 percent in 2014 and 2015, down by 0.1 percent it had previously forecast for the period.
However, it said the region was likely to see steady growth in the next couple of years, helped by a pick-up in global growth and trade.-VNA