Cambodia's strong economic outlook is underpinned by forecasts from the International Monetary Fund (IMF), which predicts GDP growth of 6.1% in 2024, up from 5.6% the previous year. even as recent efforts to strengthen trade partnerships with China, South Korea, and the European Union have further strengthened Cambodia's economic prospects.
According to fDi Intelligence magazine, Cambodia leads among the 10 emerging markets attracting foreign direct investment by 2024. The remaining nine emerging markets are the Philippines, Kenya, Iraq, Namibia, Kazakhstan, Azerbaijan, Morocco, Serbia and India. According to IMF forecasts, Cambodia's GDP growth in 2024 will be 6.1%, up from 5.6% last year.
Notably, China's lifting of travel restrictions has promoted the rapid revival of Cambodia's tourism industry under the 0 Covid strategy. Forecasts show that the average fixed asset investment (CAPEX) of FDI projects increased significantly by 393% compared to the previous year, along with the number of FDI projects increasing by 110% by 2024.
After Cambodia, the Philippines holds second place with GDP growth forecast to reach 5.9% in 2024, up from 5.3% in 2023. The Philippines predicts CAPEX of FDI projects to increase by 312% and Project size increased by 51%. quantity compared to the previous year.
Meanwhile, Kenya ranked third, with a notable increase in FDI inflows into various sectors. Key investments include Moderna's $500 million mRNA vaccine plant — the first of its kind in Africa — and AMEA Power's plans to establish a green hydrogen plant in Mombasa, Kenya, with The estimated investment is 2.29 billion USD.
Meanwhile, Serbia stands out as the only country outside Asia or Africa in the top 10 FDI destinations.
Fiber2 Fashion News Desk (DR)
