Not all paths to growth the same
Cambodia’s economy stands at a critical crossroads to reach the next phase of development with a recent report urging the Kingdom to ditch its antiquated growth model and adopt more innovative economic strategies that better respond to rapid changes in the global economy. The report, published earlier this week by Germany’s Deutsche Bank, examines the growth outlook for ASEAN over the next decade, calling for greater regional integration in order for the bloc to achieve its goals of improved trade and development. Denis Hew, director of the policy support unit at the Asia-Pacific Economic Cooperation Secretariat and a contributor to the report, said that it is important for each country in the region to develop their economies according to specialised strengths. Cambodia and Laos, in particular, should seek to chart a different course in ASEAN rather than following growth models of more developed economies, such as Malaysia or Thailand, he said.
