SCB EIC expects stronger CLMV economic growth in 2023, despite a global economic slowdown, yet remains below its pre-pandemic potential CLMV countries will gain a stronger growth momentum in 2023, but remain below its growth potential prior to the COVID-19 outbreaks. The rebound would be uneven across countries, depending on economic fundamentals and country-specific risks. SCB EIC expects that Cambodia economy will grow 5.5% this year, 3.0% in Laos and Myanmar, and 6.2% in Vietnam. Domestic demand and tourism will be key drivers for CLMV economic recovery in 2023. Domestic demand will gain support from improvements in the labor market, as seen in Vietnam’s Q4/22 employment soaring to its highest level since the COVID-19 outbreaks. Meanwhile, the service sector will benefit from rising tourist arrivals this year—particularly Chinese visitors, who made up about 30-35% of total foreign tourists in 2019. China has authorized outbound group tours traveling to Cambodia and Laos starting from February 6, 2023, and is expected to add more destinations to the list soon. In particular, Cambodia and Vietnam are poised to benefit the most from tourism rebound, considering the high contribution of tourism (both domestic and foreign) to GDP at 18.2% and 9.8%, respectively. In contrast, external demand will decline alongside a subdued global economy. Such gloomy backdrop could affect CLMV exports and foreign direct investment (FDI). Among CLMV countries, Vietnam would take the hardest hit due to its extensive ties to the global supply chain. SCB EIC thus expects only Vietnam to witness a gradual slowdown this year, after a profound growth of 8% in 2022. China’s reopening might somewhat cushion adverse impacts on exports and FDI. Still, there remain risks that weak external demand could depress CLMV domestic demand, manufacturing production, and employment. CLMV central banks will likely implement a tighter monetary policy in 2023, but policy normalization will be gradual after inflation tends to cool down. Based on our assessment, CLMV inflation will start to wind down in line with falling global commodity prices in 2023, albeit slowly, as prices should remain elevated. Weak currencies—such as the Lao kip (LAK) and the Myanmar kyat (MMK)—will also keep import prices persistently high. Against this backdrop, CLMV central banks will raise the policy rate slightly to curb inflation and stabilize national currencies. SCB EIC anticipates a slower rate hike in H2/23 because 1) The US Federal Reserve has signaled a slower rate increase, which would alleviate downward pressure on CLMV currencies, 2) Overall economic recovery remained fragile, and 3) In some countries—such as Vietnam, local firms began to face hardship in refinancing debt and thus falling into a liquidity crunch. This could fuel economic risks if the tight financial condition continues.

1. CLMV Outlook
CLMV economies will see a modest recovery thanks
to domestic demand and tourism despite headwinds
to exports from a global economic slowdown. Key risks
ahead come from fragile fiscal and external stability as
well as escalating global geopolitical tension.
CLMV Economic Outlook 2023

2. เศรษฐกิจโลก
2
CLMV Outlook 2023
Cambodia’s economy will likely witness a stronger growth of 5.5% in 2023. A steady rebound in tourism (accounted for 18.2% of the pre-pandemic GDP) would
be a major impetus that supports the labor market and domestic demand recovery. Inflation is expected to wind down alongside global commodity prices.
Nonetheless, the global economic slowdown would hold back exports and foreign direct investment (FDI), although China’s reopening might help cushion
the impacts. Meanwhile, swelling private debt amid tighter financial conditions is a risk that warrants monitoring.
Executive Summary: CLMV Economy 2023
Laos’ economy will expand gradually by 3% in 2023, buoyed by a rebound in domestic demand, which follows the pandemic ebbing and the reopening of
China—Laos’ major trade partner and investor. The China-Laos high-speed railway will further cement economic partnerships between both nations. Still, Laos’
economic growth would remain somber due to rampant inflation—resulting from the weakening LAK—which hampered households’ purchasing power.
This will also keep the external public debt persistently high, considering low foreign reserve buffers.
Myanmar’s economic growth is expected to remain low at 3% in FY2022/23, but economic activities should gradually resume as political tension somewhat
subside. Nonetheless, the rebound will be modest, owing to unsolved disruption in essential public services such as electricity, while the global economic slowdown
would rattle the manufacturing sector and exports. The ongoing political unrest with slow improvement might prolong Western sanctions and keep Myanmar’s
growth capacity sunken in the medium term. Meanwhile, the upcoming election in 2023 would not significantly buttress the business sentiment.
Vietnam's economy will record a slower growth at 6.2% in 2023, after a profound reading of 8% in 2022. Major headwinds come from the global economic
deceleration, which hampers exports and FDI—Vietnam’s crucial economic drivers—thus repressing employment and the manufacturing sector. A tightening
monetary policy would also weaken domestic demand, as tight financial conditions could squeeze firms’ liquidity. In the medium term, Vietnam will benefit from
a manufacturing base relocation out of China since multinational companies are looking to avoid ongoing geopolitical tensions.
Cambodia
Laos
Myanmar
Vietnam

3. เศรษฐกิจโลก
3
CLMV Outlook 2023
CLMV economic recovery will likely continue in 2023, driven by domestic demand and the
tourism sector. Still, exports deceleration might pressure growth—particularly in Vietnam.
Note: For Myanmar, 2023F refers to FY2022/2023.
Source: SCB EIC analysis based on data from CLMV statistics bureaus and IMF.
CLMV’s economic growth forecasts 2022-2023
Unit: %YOY Positive factors
• Domestic demand recovery, which followed the easing of
COVID-19 restrictions and labor market improvement.
• Number of tourist arrivals ticked up after the country
reopened.
• China’s reopening should bolster FDI inflows.
Negative factors
• Global economic slowdown would weigh on exports.
• Tighter domestic monetary policy to quell inflation and
support local currencies could deter the credit market and
liquidity.
• Country-specific factors, such as political unrest in
Myanmar.
+
Risk factors
• Slower-than-expected inflation cooldown due to elevated
commodity prices and weakening local currencies.
• Risk of debt default in countries with high public debt.
• Escalating global geopolitical tension and domestic political
conflict.
!
-
7.0
7.3
6.6 6.6
5.0
2.5
2.0
8.0
5.5
3.0 3.0
6.2
0
1
2
3
4
5
6
7
8
9
Cambodia Laos Myanmar* Vietnam
2010-2019 average 2022F 2023F

4. เศรษฐกิจโลก
4
CLMV Outlook 2023
CLMV economic recovery would remain modest and below growth potentials, owing to scarring
effects from the COVID-19 crisis, fiscal and external fragility, and country-specific risks.
Note: *Myanmar’s 2021 GDP is an official figure reported by the Central Statistical Organization.
Source: SCB EIC analysis based on data from IMF.
Forecasts of CLMV economic growth potentials, comparing to 2010-2019 growth trend
Unit: billion (local currencies)
Cambodia’s Economy: sluggish growth
due to high reliance on tourism and FDI
(14% and 12% of GDP, respectively)—both
likely to resume the pre-pandemic
pace gradually.
Laos’ Economy: impaired by fragile
fiscal and external stability, which led
to a sharp depreciation of LAK,
and soaring inflation.
Myanmar’s Economy: faced with high
political uncertainties after the 2021
coup, which put nationwide economic
activities on a halt and invoked
sanctions from Western countries.
Vietnam’s Economy: observed the
strongest rebound among CLMV peers,
but there remain global recession risks
that could hinder exports and FDI.
20,000
30,000
40,000
50,000
60,000
70,000
80,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022F
2023F
Cambodia
GDP
Previous trend
Current trend
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022F
2023F
Laos
40,000
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022F
2023F
Myanmar*
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
6,000,000
6,500,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022F
2023F
Vietnam

5. เศรษฐกิจโลก
5
CLMV Outlook 2023
0
1,000,000
2,000,000
3,000,000
Vietnam Cambodia Myanmar
Note: *Laos did not report tourist arrivals since 2020.
Source: SCB EIC analysis based on data from Google and CEIC.
Google mobility data (retail and recreation)
Unit: % change from base level (Jan-Feb 2020)
International tourist arrivals to CLMV (excl. Laos)*
Unit: person
GDP contribution of domestic and international tourism, 2019
18.2% 5.0% 3.9% 9.8% Cambodia and
Vietnam are poised
to profit the most
from the tourism
recovery.
-80
-60
-40
-20
0
20
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Cambodia Laos Myanmar Vietnam
Mobility index (reflecting domestic demand)
continuously rebounded in 2022.
2022
The number of foreign tourists has risen since
the country's reopening but remained far
below the pre-COVID-19 readings.
Domestic demand and tourist arrivals regained traction after the country's reopening, backed by pent-up
demand, particularly from ASEAN tourists. Both should become big factors in CLMV economic growth this year.

6. เศรษฐกิจโลก
6
CLMV Outlook 2023
Employment of CLMV migrant workers in Thailand is improving, albeit remaining below the
pre-pandemic level, and thus supported CLMV domestic consumption via higher remittances.
Source: SCB EIC analysis based on data from Foreign Workers Administration Office, World Bank/KNOMAD, and CEIC.
Employment of CLMV migrant workers in Thailand
Unit: person
Value of inward remittances
Unit: % of GDP
Share of CLMV workers in Thailand (as of November 2022)
Unit: % of origin country’s labor force in 2021
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
Myanmar Cambodia Laos Vietnam
Jan 2020 figure: 2.79 million 4.6
1.0
2.8
5.2
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
Cambodia Laos Myanmar Vietnam
2019 2020 2021 2022f
5.3 5.8
8.5
0.00002
0
2
4
6
8
10
Cambodia Laos Myanmar Vietnam

7. เศรษฐกิจโลก
7
CLMV Outlook 2023
Global economic slowdown would repress CLMV exports and FDI, yet China’s reopening in 2023
might help soften the impacts.
Note: *Approved FDI is the total registered capital; Disbursed FDI is the implementation capital. / **Myanmar’s data was approved FDI in FY2017/2018.
Source: SCB EIC analysis based on data from JP Morgan, IHS Markit, CEIC, ASEAN Secretariat, and DICA.
PMI: new exports order in manufacturing and Vietnam’s exports
Unit: index (<50 indicates lower overseas purchasing orders)
FDI inflows to Vietnam
Unit: %YOY (Year-To-Date)
Source of CLMV FDI inflows (2018)
Unit: % of total FDI
-30
-20
-10
0
10
20
30
40
45
50
55
60
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
PMI: Global PMI: China PMI: US Vietnam Exports (RHS)
Unit: %YOY
Overseas purchasing orders tumbled
PMI indicated a continuous contraction in global demand for exports. Meanwhile, Vietnam's
exports (which is deeply linked to the global supply chain) shrank for the first time in 14 months.
-30
-10
10
30
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
Approved FDI* Disbursed FDI* Number of New Projects
Overall FDI inflows to Vietnam expanded in 2022, but approved FDI value
plummeted—signaling lower disbursed FDI in 2023.
China is a major investor in the CLMV region.
0%
25%
50%
75%
100%
Cambodia Laos Myanmar** Vietnam
Others
Japan
South Korea
ASEAN
China

8. เศรษฐกิจโลก
8
CLMV Outlook 2023
Source: SCB EIC analysis based on data from Bank of Thailand.
Thailand direct investment (TDI) to CLMV countries
Unit: USD million
-
• TDI to CLMV was subdued in 2022, dragged by
regional economic uncertainties, costlier financing
due to inflation spikes and weakening THB, an overall
regional economy that has yet to regain its full
momentum, and country-specific challenges.
• TDI rebound will remain weak in 2023, given
downward pressures from high inflation and global
economic slowdown. Meanwhile, persistent country-
specific risks include Myanmar’s political unrest and
Laos’ fiscal and external fragility.
• CLMV region would still attract Thai investors
in the medium term, thanks to rapid economic
growth and a large pool of labor force. Appealing
investment incentives also offer business opportunities
for Thai investors.
Outlook of TDI to CLMV
1,406
1,464
1,168
1,408
1,027
1,311
1,184
1,254
419
1,203
710
1,074
638 662
573
5,447
4,776
3,406
1,874
0
1000
2000
3000
4000
5000
6000
0
200
400
600
800
1000
1200
1400
1600
Q1/19 Q3/19 Q1/20 Q3/20 Q1/21 Q3/21 Q1/22 Q3/22 2019202020213Q22
Cambodia Laos Myanmar Vietnam
TDI to CLMV economies will likely see slow growth. A stronger rebound in CLMV economies might help provide
support, but there remain headwinds from country-specific risks and a global economic slowdown.

9. เศรษฐกิจโลก
9
CLMV Outlook 2023
Note: *World Bank’s research outcome.
Source: SCB EIC analysis based on data from World Bank, Nikkei Asia, and Asian Development Bank.
Regional free trade agreements
-
• Lower trade barriers—both tariffs and non-tariff
measures—and better alignment concerning the Rule
of Origin which helps reduce trade costs and bolster
international trade
• Higher production efficiency, thanks to lower import
prices of manufacturing materials
• Easing of foreigninvestment restrictionswill foster FDI as
well as technology and skill transfers.
Benefits of the FTAs
Thailand
Cambodia
Lao PDR
Vietnam
Myanmar
Indonesia
Malaysia
Philippines Singapore
Brunei
China Japan
South Korea Australia
New Zealand
ASEAN
ASEAN Trade
in Goods
Agreement
(ATIGA)
RCEP
Regional Comprehensive
Economic Partnership
CPTPP
Comprehensive and
Progressive Agreement
for Trans-Pacific
Partnership
Mexico
Peru Canada
Chile
Cambodia-China FTA
Cambodia-Korea FTA
Bilateral
Signed, in effect (Jan 2022)
Signed, in effect (Dec 2022)
Bilateral
Vietnam-EU FTA
Vietnam-Korea FTA
Signed, in effect (Aug 2020)
Signed, in effect (Dec 2015)
Vietnam-UK FTA
Signed, in effect (May 2021)
Vietnam-Chile FTA
Signed, in effect (April 2014)
Expected RCEP benefits to CLMV exports in the long term*
Unit: % increase from the no-RCEP scenario (Year 2035)
4.2
6.5
4.3
11.4
0
5
10
15
Thailand Cambodia Laos Vietnam
In the medium term, CLMV trade and investment should benefit from broad FTA networks —bilateral and
multilateral—through lower trade barriers and tariffs. Vietnam will enjoy the highest gain among CLMV peers.

10. เศรษฐกิจโลก
10
CLMV Outlook 2023
Inflation looks to cool down in 2023, albeit slowly, given elevated global oil prices, downward
pressures on local currencies, and a rebound in domestic demand.
Note: *Myanmar’s data is as of July 2022.
Source: SCB EIC analysis based on data from CEIC and World Bank.
Headline inflation
Unit: %YOY
Expected level of inflationary pressure in 2023
Inflation breakdown (November 2022)
Unit: %
57.4 51.1 55.3
29.3
4.1
22.5 23.3
2.1
3.2
3.3
5.3
25.5
0%
25%
50%
75%
100%
Cambodia Laos Myanmar* Vietnam
Food & Non-Alcoholic Beverage Transportation Housing & Utilities Others
Cambodia: Slower inflation in line with global commodity prices; Cambodian highly-dollarized economy should partly
help alleviate impacts from volatile exchange rates.
Laos: Inflation remains high as the LAK tends to fall further alongside fragile external stability—this could take a heavy
toll on the import-reliant Laos via higher import prices of consumer goods.
Myanmar: Inflation remains high due to the weak MMK, which continues to plummet, given a sharp drop in foreign-
currency revenue and deteriorated investor sentiment amid the political crisis.
Vietnam: Inflation to pick up slightly alongside domestic demand recovery, weaker VND, and cost-of-living relief
measures that will soon conclude. Yet, falling global commodity prices will help soften inflationary pressure.
Inflation Outlook 2023
Cost-Push Demand-Pull Expectation FX Passthrough
Cambodia
Laos
Myanmar
Vietnam
Low pressure Medium pressure High pressure
0
10
20
30
40
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
Cambodia Laos Myanmar Vietnam

11. เศรษฐกิจโลก
11
CLMV Outlook 2023
Downward pressures on CLMV currencies should weaken, thanks to a rebound in foreign tourism
receipts and slower Fed rate hikes. Still, fragility remains due to depleting foreign reserves.
Source: SCB EIC analysis based on data from CEIC.
CLMV currencies vs. US dollar, 2022
Unit: index (100 = 3 Jan 2022)
Foreign reserves in months of imports
Unit: months
Current account balance
Unit: % of GDP
70
80
90
100
110
120
130
140
150
160
98
100
102
104
106
108
110
112
114
116
118
120
122
3-Jan 3-Feb 3-Mar 3-Apr 3-May 3-Jun 3-Jul 3-Aug 3-Sep 3-Oct 3-Nov 3-Dec
USD/KHR USD/MMK USD/VND USD/LAK (RHS)
50.4%
18.1%
2.1%
1.0%
Depreciate
Appreciate
LAK and MMK witnessed an
alarming fall due to
domestic economic fragility.
0
5
10
15
Cambodia Laos Vietnam Depleting foreign reserve buffers
might constrain the central bank’s
ability to stabilize national currencies.
Narrowing current account deficits will help cushion
downward pressure on CLMV currencies.
International
benchmark :
3 months
-40
-20
0
Cambodia (excl. gold) Laos Myanmar Vietnam

12. เศรษฐกิจโลก
12
CLMV Outlook 2023
CLMV central banks will likely stay the course on tighter monetary policy in 2023, in order to tame
inflation amid an economic recovery. Still, rate hikes should be slower after inflationary pressures subside.
Source: SCB EIC analysis based on data from CEIC.
CLMV policy rates
Unit: %
1. Downward pressure on CLMV currencies gradually tailed off as the USD
weakened in response to the Fed’s signal of a rate-hike slowdown.
2. Low demand-pull inflation since CLMV economic recoveries remain below growth
potentials, particularly Laos and Myanmar. Meanwhile, inflation was primarily
supply-push, and global commodity prices look to wind down in 2023.
3. Some countries are facing higher credit risks. Vietnam's real estate market was
caught up in liquidity shortage as a tightening financial market triggered a credit
crunch—a possible risk to economic stability.
CLMV policy rate hikes should be modest in 2023
Dollar Index (DXY)
Unit: index
90
100
110
120
Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22
USD depreciated
USD appreciated
Weakening USD would alleviate downward pressure on CLMV currencies.
2
3
4
5
6
7
8
9
10
11
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Laos Myanmar Vietnam
Rate hikes in Laos and Vietnam picked up pace in 2022 as
inflation accelerated.
+0%
+3.5%
+2.0%
%YTD

13. เศรษฐกิจโลก
13
CLMV Outlook 2023
CLMV debt burden heightened due to tight financial conditions and weakening local currencies. In Laos and
Myanmar, fragility comes from public debt, whereas those of Cambodia and Vietnam stemmed from private debt.
IMF forecast of public debt to GDP ratio (as of Oct 2022)
Unit: % of GDP
Loan outstanding (at financial institutions) to GDP
Unit: % of GDP
Private Debt
Public Debt
149
47 32
123
0
100
200
Cambodia Laos Myanmar Vietnam
Local firms in CLMV primarily rely on financial institutions since the
domestic financial market is still in an early stage.
Public debt breakdown (domestic/ foreign debt)
Unit: % of total public debt, 2021
Interbank rates (7-day)
Unit: %
0
2
4
6
8
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Cambodia (USD)** Vietnam (VND)
Interbank rates in Cambodia and Vietnam saw an upsurge, reflecting a tighter financial condition.
Given costlier financing, financial institutions would curb their lending which could hinder firms’
liquidity.
The global financial condition has increasingly tightened and became an acute risk to countries with
high external public debt. Among CLMV, Laos has the highest public debt to GDP ratio amid rapid LAK
depreciation, high external debt, and low foreign reserve buffers.
Note: *IMF estimation as of August 2019 **Cambodia’s interbank rate is the interest rate from the Negotiable Certificate of Deposits (NCD)—a short-term debt instrument issued
by the National Bank of Cambodia to help financial institutions with liquidity.
Source: SCB EIC analysis based on data from CEIC, IMF, and CLMV finance ministries.
37.2
108.9
63.7
40.5
0
50
100
Cambodia Laos Myanmar Vietnam
2022F 2023F 2024F 2025F
100 83.4
38.2 32.8
0%
50%
100%
Cambodia Laos Myanmar* Vietnam
Foreign Domestic

14. เศรษฐกิจโลก
14
CLMV Outlook 2023
Escalating geopolitical risks could become both boon—through manufacturing relocation and
the Belt and Road Initiative (BRI) investment—and bane to the CLMV region.
Source: SCB EIC analysis based on data from www.matteoiacoviello.com and foreign press.
Geopolitical risks that might affect CLMV economy Geopolitical Risk Index
Unit: index
Ongoing Russia-Ukraine war and
elevated global commodity prices
1
2
3
4
5
Reshoring and near-shoring
trends among US firms
Manufacturing relocation out
of China and BRI investment
Political uncertainties and
Western sanctions
China-Taiwan dispute and tension
over the South China Sea
0
100
200
300
2005 2010 2015 2020
Higher risk
Russia-Ukraine war (24 Feb 2022)
Opportunities
• Manufacturing relocation out of
China would bolster FDI to CLMV.
• China’s BRI investment might
pick up to rival US influence.
• China and the US may step up
regional partnerships, a lucrative
opportunity for CLMV to enhance
its economic potential.
Challenges
• Regional disputes could trigger
supply chain disruptions.
• Rising political tension, particularly
in Myanmar, where the upcoming
election has drawn global scrutiny
concerning human rights, freedom,
and transparency.
• Trade barriers will likely increase.

15. Cambodia’s economy recovered on the back of upbeat tourism and domestic demand. Still, the global economic slowdown
would inhibit exports and FDI. Risks to monitor in 2023 come from (1) Soaring private debt amid tightening financial conditions
and (2) current account deficits, which might exacerbate a volatile local currency.
Cambodia economy

16. เศรษฐกิจโลก
16
CLMV Outlook 2023
21.4
22.9
7.6
18.8
4.5
3.5
21.3
Agriculture
Manufacturing
Construction
Wholesale and retail trade
Transportation and storage
Accomodation and food services
Others
Cambodia’s economy will witness a stronger growth of 5.5% in 2023, backed by a rebound in
the tourism sector and the labor market in line with domestic demand recovery.
Note: *Data from Revelio Labs, a workforce intelligence company providing analysis on the labor market.
Source: SCB EIC analysis based on data from CEIC and National Institute of Statistics (Cambodia).
Number of foreign tourist by region
Unit: person
Employment by sector, 2019
Unit: % of total employment
0
250,000
500,000
750,000
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
East Asia ASEAN Europe Americas Others
The tourism sector gained traction thanks to ASEAN
visitors. The reopening of East Asian countries—
particularly China—will also aid a recovery ahead.
About 27% of the
labor force is
employed in sectors
that profit from the
tourism rebound.
Tourism revenue (domestic and international)
Unit: USD million
Number of job postings*
Unit: job opening
Unit: % of GDP
18.2 %
0
5
10
15
20
0
2500
5000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Tourism revenue % of GDP (RHS)
80
120
160
200
800
1000
1200
1400
Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
Total Accomodation and food services (RHS)

17. เศรษฐกิจโลก
17
CLMV Outlook 2023
The global economic slowdown pressured exports and FDI to Cambodia, whilst impetus from China’s
reopening will be gradual. Thus, FDI would take time to regain its pre-pandemic ground.
Source: SCB EIC analysis based on data from CEIC.
Exports growth breakdown (excl. gold, gems, and pearls)
Unit: %YOY
Foreign direct investment
Unit: USD million Unit: %YOY
Approved investment (domestic and FDI)
Unit: USD million
-20
0
20
40
60
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Clothing and apparels Footwear
Travel goods Cereals
Electrical machinery and electronics Others
Total
Exports
started to
slow
-25
0
25
50
75
100
-300
0
300
600
900
1200
FDI Growth (RHS)
0
1000
2000
3000
4000
Domestic China Hong Kong Thailand Others
Approved investment
remained bleak
• Cambodia’s exports faltered, especially garments and travel goods which are major export
categories, as the global economic slowdown and high inflation hampered foreign purchasing
power.
• Electronic goods are growing contributors to exports thanks to lockdown-induced
demand. This should help Cambodia integrate into a higher level of the global supply chain.
• Inward and outward investment remained somber due to fragile economic recovery.

18. เศรษฐกิจโลก
18
CLMV Outlook 2023
Inflation looks to slow in 2023, in line with lower global commodity prices, and thus aid domestic demand recovery.
Still, Cambodia needs to be heedful of inflation impacts on debt serviceability—particularly in the private sector.
Note: *Imports in the first three quarters of 2022 vs. GDP in 2021.
Source: SCB EIC analysis based on data from CEIC.
Headline inflation breakdown
Unit: %YOY
Loan outstanding to GDP
Unit: % of GDP
3.2
-2
0
2
4
6
8
Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22
Food & non-alcoholic beverage Housing & utilities
Transportation Others
Headline Inflation
28.1 34.0 41.9 48.6 57.6 65.3 70.2 76.0 85.1
97.8
123.9
148.9
0
50
100
150
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Non-financial institutions Households Financial institutions Others
Petroleum imports to GDP*
Unit: % of GDP
NPL Ratio
Unit: % of total loans at financial institutions
2.8
0
1
2
3
Outstanding loans grew rather rapidly. This could become an acute risk if households' and
firms' debt serviceability deteriorates further due to an economic slowdown or high inflation.
NPL ratio also rose slightly after the debt restructuring period ended.
Cambodia’s inflation mainly came from imports, especially oil products. With higher import
reliance—compared to regional peers—and low demand-pull inflation, falling global commodity
prices would significantly lower Cambodia’s inflation in 2023.
10.6 9.5
3.8 4.9
0
4
8
12
Cambodia Thailand Vietnam Philippines

19. Laos’ economy rebounded slowly as high inflation and weakening LAK impaired households’ purchasing power and fiscal stability.
Nonetheless, China's reopening and China-Laos high-speed railway will help strengthen the recovery. Key risks that warrant
monitoring are fiscal and external fragility and swelling inflation.
Laos economy

20. เศรษฐกิจโลก
20
CLMV Outlook 2023
Laos’ economy will gradually regain footing with 3.5% growth in 2023, thanks to tailwinds from upbeat
domestic demand, FDI inflows after China’s reopening, and the China-Laos railway, which helps cut
transportation time for exports and traveling.
Source: SCB EIC analysis based on data from CEIC, World Bank, and the Ministry of Industry and Commerce (Lao PDR).
Exports value
Unit: USD million
Wholesale-retail trade value
Unit: LAK trillion
Unit: %YOY
-20
0
20
40
60
80
100
-400
0
400
800
1200
1600
2000
2400
Q1/2019
Q2/2019
Q3/2019
Q4/2019
Q1/2020
Q2/2020
Q3/2020
Q4/2020
Q1/2021
Q2/2021
Q3/2021
Q4/2021
Q1/2022
Q2/2022
Q3/2022
Exports Value Growth Rate (RHS)
0
10
20
30
40
H1/2019 H1/2020 H1/2021 H1/2022
Foreign direct investment
Unit: USD million Unit: %YOY
-80
-40
0
40
80
120
-200
-100
0
100
200
300
400
Q1/2019
Q2/2019
Q3/2019
Q4/2019
Q1/2020
Q2/2020
Q3/2020
Q4/2020
Q1/2021
Q2/2021
Q3/2021
Q4/2021
Q1/2022
Q2/2022
Q3/2022
FDI Growth Rate (RHS) • Laos’ exports slackened as a result of high-base effects, global demand pivoting to
services, China’s economic slowdown, and local firms struggling with high inflation
and weakening LAK. In contrast, electricity exports to Thailand increased.
• FDI inflows shrank, partly because major investment projects concluded in 2021,
whereas new investment remained low due to high economic uncertainties.
• Wholesale-retail trade ticked up from a low base after the Lao government
eased COVID-19 restrictions. Still, high inflation continued to weigh down
consumption, especially in H2/2022.

21. เศรษฐกิจโลก
21
CLMV Outlook 2023
Laos’ economic fundamentals remained fragile, both in terms of price and external stability.
High inflation, low reserve buffers, and long-running current account deficits will continue to put
downward pressure on LAK and derail the inflation cooldown.
Source: SCB EIC analysis based on data from CEIC, Bank of Lao PDR, and Bank of Thailand.
Headline inflation
Unit: %YOY
Foreign reserves in months of imports
Unit: USD million Unit: month
USDLAK and THBLAK
Unit: USD/LAK
Current account balance
Unit: USD million
Unit: THB/LAK
38.5
0
10
20
30
40
Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22
Food & non-alcoholic beverage Housing & utilities
Transport (fuel) & communications Others
Headline Inflation
250
350
450
550
9000
11000
13000
15000
17000
Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22
USD/LAK THB/LAK (RHS)
1.5
0
1
2
3
0
500
1000
1500
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Foreign Reserves Months of Imports (RHS)
-750
-500
-250
0
250
500
Q1/2015 Q1/2016 Q1/2017 Q1/2018 Q1/2019 Q1/2020 Q1/2021 Q1/2022
Goods Service Primary income Secondary income CA
LAK depreciated
LAK appreciated
Inflation broadly intensified as the LAK sank sharply. Inflation is
expected to wind down but stay persistently high in 2023.
LAK continued to dwindle
despite the Fed’s signal of slower
rate hikes.
Foreign reserve buffers remained below the
international standard (3 months of imports).
Laos’ current account was back in deficit as the trade surplus
saw a sharp drop while deficits in current transfers widened.

22. เศรษฐกิจโลก
22
CLMV Outlook 2023
Fiscal stability remains fragile as the global financial conditions increasingly tightened while external
public debt remained high; the Lao government should negotiate debt structuring, especially with
China, to find debt solutions.
Note: *Including principal and interest burden.
Source: SCB EIC analysis based on data from Ministry of Finance (Lao PDR).
Forecast of fiscal balance by IMF
Unit: % of GDP
Public debt breakdown (by creditor), 2021
Unit: % of total debt
-3.3
-5.6
-3.6
-5.1 -4.8 -4.7 -4.6 -4.4
-6
-4
-2
0
2019 2020 2021 2022 2023 2024 2025 2026
Forecast of external public debt service by Ministry of Finance (Lao PDR)*
Unit: USD million
1,144
1,379
1,220
1,464
1,242
0
500
1000
1500
2022 2023 2024 2025 2026
Concessional bilateral loan Concessional multilateral loan
Market-terms bilateral loan Market-terms multilateral loans
Market-terms bond Commercial bank loan
Laos' fiscal shortfall continued and spiraled into the so-
called 'twin deficit' alongside the current account deficit.
49%
4%
17%
9%
14%
China
Thailand
Japan
Korea
Russia
Multilateral
Commercial Banks
Others
Laos will face a high external public debt service burden at around USD 1.1-1.5 billion
per year until 2026—reflecting fragile fiscal stability, given tight reserve buffers. As of
September 2022, Laos’ foreign reserves amounted to only USD 1.1 billion. Besides, as LAK
sharply weakened, Laos' debt burden in LAK would also swell up. Thus, the Lao
government should negotiate debt restructuring—especially with China, who owns about
50% of Laos' total external debt. The possible solutions include debt forbearance and
economic restructuring to increase revenue in foreign currencies, such as promoting
tourism and exports via China-Laos high-speed railway.

23. Myanmar’s economy shows sign of a moderate recovery with economic activities gradually normalizing. However, the recovery
remains fragile and below potential growth as a result of deep economic scars. Global economic slowdown also adds
more pressures on Myanmar economic recovery.
Myanmar economy

24. เศรษฐกิจโลก
24
CLMV Outlook 2023
Myanmar’s economy in FY2022/2023 is expected to recover moderately at 3.5% after the effects of political
unrests gradually ease but exports and manufacturing remain subdued by the global economic slowdown.
Note: *Conflict events include battles, explosions and remote violence, protests and riots, and violence against civilians.
Source: SCB EIC analysis based on data from ACLED (https://acleddata.com/), S&P Global and CEIC.
Conflict events and Yangon bus passenger traffic*
Unit: Time
New businesses registered
Unit: Number of businesses
Unit : Thousand persons – time
Exports and imports
Unit: USD million
Manufacturing Purchasing Managers Index
Unit: Index (>50 = expansion)
10,000
20,000
30,000
40,000
0
400
800
1200
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22
Conflict Events Yangon Bus Passenger Traffic (RHS)
0
500
1000
1500
2000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 2020 2021 2022
21,019 22,131
20,598
22,431
18,497 17,985
20,331 20,590
0
5,000
10,000
15,000
20,000
25,000
Exports Imports
2019 2020 2021 2022
25
35
45
55
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
COVID-19 Wave 1 Wave 2 Political Crisis Wave 3
Conflict events gradually declined, while passenger traffic rose from a low level
New businesses registration resumed but
remain subdued.
A recovery in exports and imports was still
below 2019 level.
Manufacturing sector dropped following a decline
in new orders. Meanwhile, raw materials and
electricity shortages affected production capability.
Expansion
Contraction

25. เศรษฐกิจโลก
25
CLMV Outlook 2023
Multiple economic challenges will cause Myanmar’s economy to see subdued growth in the
medium term and worsen vulnerabilities in the fiscal and external sectors.
Note: *Fiscal year period starts from October to September.
Source: SCB EIC analysis based on data from International Labour Organization and CEIC.
Approved foreign direct investment decreased*
Unit: USD million
Employment decreased (ILO forecast)
Unit: Million persons
4,158
4,881
3,791
2,989
0
1000
2000
3000
4000
5000
FY18/19 FY19/20 FY20/21 FY21/22
Manufacturing Power Transport & Communication Others
FDI in
manufacturing
sector notably
declined.
22 22.45 21.95 20.4
18.6 19.35
0
5
10
15
20
25
2017 2018 2019 2020 2021 H1/22
Current account deficit widened as foreign income dropped
Unit: USD million
Government funding and tax collection face more difficulties
Unit: MMK million
-2100
-1400
-700
0
700
1400
2100
Q1/2015 Q1/2016 Q1/2017 Q1/2018 Q1/2019 Q1/2020 Q1/2021 Q1/2022
Current Account Financial Account
Net Error & Omissions Balance of payment
0
250,000
500,000
750,000
1,000,000
0
5,000,000
10,000,000
15,000,000
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Treasury Bonds Outstanding
Tax Revenue (RHS)
Current account deficit widening
can worsen USD shortage and
MMK depreciation.
Treasury bonds outstanding value dropped
following the Coup.
Tax collection dropped after the Coup but started to see a recovery.

26. เศรษฐกิจโลก
26
CLMV Outlook 2023
If Myanmar does not hold a general election in 2023:
• Uncertain political situation and violence may force the government to postpone
a general election to control the situation and maintain power.
• In this scenario, economic uncertainties remain high, which might affect foreign
direct investment from the countries that have not sanctioned Myanmar.
• Myanmar sanctions may intensify if the government uses more violence.
The upcoming Myanmar general election planned for August 2023 might not ease political
situations or affect negative sentiment from the West. Thus, sanctions are expected to remain.
Source: SCB EIC analysis based on data from International news agencies.
Myanmar political outlook 2023
Key political developments
1. The military court sentenced Aung San Suu Kyi to 7 more years
in prison, taking jail time to 33 years for counts of corruption, regardless
of The United Nations Security Council (UNSC) announcement for Myanmar
to release all political prisoners. This should result
in continued sanctions and political unrests.
2. Financial Action Task Force (FATF) blacklisted Myanmar over terrorism
financing, requiring member countries planning to do business in Myanmar
to have more stringent due diligence. This further aggravates Myanmar’s
business environment.
3. Battles between Myanmar’s military and ethnic armed groups have
continued in many parts of the country, affecting people’s wellbeing and
economic activities in those areas. The persistent violence will limit a recovery
in both consumer and business confidence.
4. Myanmar’s government has begun discussing with some ethnic groups
to prepare for a general election in areas controlled by ethnic armies.
If Myanmar holds a general election in 2023:
• The USDP (with deep ties to Myanmar Army) will likely get the majority votes and
form the government.
• The NLD (cofounded by Aung San Suu Kyi) is expected to play a limited role in the
general election since many members have been under arreste by the government.
• Western nations view this general election as not transparent and will maintain
sanctions but some nations with neutral opinion may regain more confidence
in investment.
In both scenarios, the political situation will remain unresolved and cause
a disruption in economic activities, pressuring Myanmar’s economic recovery
in the medium term.

27. Vietnam’s economy is expected to grow at a slower pace following decelerating exports and foreign direct investment. Domestic demand may
slow down from tightening monetary policy and declining employment in manufacturing sector going forward.
Vietnam economy

28. เศรษฐกิจโลก
28
CLMV Outlook 2023
Vietnam’s economic growth is expected to slow down to 6.2% in 2023, pressured by the global economic
slowdown, especially affecting exports and foreign direct investment, which Vietnam economy heavily relies on.
Source: SCB EIC analysis based on data from CEIC.
GDP growth
Unit: %YOY
Exports growth
Unit: %YOY
Approved Foreignn Direct Investment (FDI)
Unit: USD billion
7.1 7.2 7.6 7.5
3.2
0.3
3.0 4.7 4.9 6.6
-6.0
5.2 5.1
7.8
13.7
5.9
-8
-4
0
4
8
12
Q1/19 Q3/19 Q1/20 Q3/20 Q1/21 Q3/21 Q1/22 Q3/22
Agriculture Industry Services Tax less subsidies
22.8 24.4
35.9 35.5 38.0
28.5 31.2
27.7
0
20
40
2015 2016 2017 2018 2019 2020 2021 2022
Singapore South Korea Japan China Hong Kong Taiwan US Others
5.2
-8.9
-14.0
-20
-10
0
10
20
30
40
50
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Electronics Machine & parts Textiles & footwear Wood products Others
• Vietnam expanded sharply at 8% in 2022, supported by COVID-19 restriction easing,
tourism reopening, exports, and low-base effects from 2021.
• Vietnam started to get affected by the global economic slowdown in Q4 2022,
reflected by declining exports as Vietnam has deep ties to global supply chains, especially
in the manufacturing sector. The global economic slowdown will continue this year and
add more pressures to Vietnam’s economy going forward.
• Approved foreign direct investment in 2022 has not returned to pre-COVID-19 level.
An -11% decrease implies that FDI disbursement will be sluggish in 2023.
-11%

29. เศรษฐกิจโลก
29
CLMV Outlook 2023
Domestic demand likely slows down from lower employment in the manufacturing sector following a decline
in exports. However, consumption in services after economic reopening will cushion consumption.
Source: SCB EIC analysis based on data from CEIC.
Unemployment rate and average monthly earning
Unit: %
Retail sales
Unit: VND trillion
Industrial Production Index and Industrial Labor Employed Index
Unit: %YOY
• Vietnam’s labor market have rebounded back to pre-COID-19 level but started to
show signs of fragility in Q4 2022, reflected by a 0.3 ppt increase in underemployment
rate from the previous quarter, in line with declining industrial labor employed index.
Industrial and construction sectors comprise 33% of total labor force, which is
vulnerable to the economic slowdown.
• Weakening labor market also affects domestic retail sales. However, domestic
consumption should still improve in 2023, driven by pent-up demand for tourism,
accommodation, and restaurant, but the growth may not be high.
Unit: VND thousand Unit: %YOY
-30
-15
0
15
30
45
60
0
100
200
300
400
500
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Retail Sales Value Growth Rate (RHS)
5500
7500
9500
0
1
2
3
4
5
Q1/20 Q2/20 Q3/20 Q4/20 Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 Q4/22
Unemployment Rate Underemployment Rate
Average Monthly Earning (RHS)
-20
-10
0
10
20
30
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Industrial Production Index Industrial Labor Employed Index
7,699
2.3%
2.2%

30. เศรษฐกิจโลก
30
CLMV Outlook 2023
Vietnam’s inflation is expected to slightly accelerate in the short-term following higher demand pressure,
but fuel tax cuts and global commodity price drop will slow down inflation in the later half of the year.
Note: *Price as of 11th of each month or nearby date.
Source: SCB EIC analysis based on data from CEIC, Reuters, Nikkei Asia, Vietnam Briefing and PVOIL.
Headline and Core inflation
Unit: %YOY
Minimum wage raise (country average)
Unit: %YOY
-1
0
1
2
3
4
5
Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22
Headline Core
Accelerating inflation becomes another
factor pressuring domestic consumption.
SBV target inflation: 4%
14.2 12.4
7.3 6.5
5.3 5.5
0.0
6.0
0
5
10
15
2015 2016 2017 2018 2019 2020 2021 2022
Vietnam increased minimum wages by 6% in July 2022,
close to the historical average. This may contribute to
more demand-side inflationary pressures, but the effect
is expected to be marginal.
1. Vietnam announced fuel tax cuts to control domestic retail prices of gasoline which adjusts every 10
days. The government has also cut environmental tax on gasoline by 75% to 1,000 VND/ liter since June 2022
and cut Most-Favored Nation import duties to 10% for oil imports from countries without a free trade
agreement. However, the control of retail prices of gasoline may lead to domestic shortage of fuel
supply as occurred in November 2022.
2. VND depreciates less than other currencies in the region, lowering inflationary pressure from import
prices.
3. Vietnam’s food production is sufficient for domestic consumption so there is lower impact to food prices.
Why does Vietnam’s inflation rise slower than other countries in the region?
Domestic retail prices of gasoline (RON 95-III gasoline)*
Unit: VND/ liter
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23
Environmental tax cut
to 2,000 VND/ liter
until year end.
Oil import tax cut
for Most Favored
Nation to 10%
Environmental tax cut
to 1,000 VND/ liter
Extended
environme
ntal tax
cut to
2,000 VND/
liter
The government
approved gasoline price
rise to solve domestic
shortage.

31. เศรษฐกิจโลก
31
CLMV Outlook 2023
SBV is expected to continue monetary policy tightening to curb high inflation and depreciating VND but unlikely to
hike policy rates aggressively as the economy began to slow down and the financial market faced liquidity shortage.
Note: *Truong My Lan, Chairperson of Van Thinh Phat Holdings Group for illegally issuing bonds.
Source: SCB EIC analysis based on data from CEIC, VietinBank, Vietnam Bond Market Association and international news agencies.
Policy rate and 1-week Interbank Rate
Unit: %
USD/VND
Unit: USD/VND
Value of newly issued corporate bonds
Unit: VND billion
0
5
10
15
Jan-10
Sep-10
May-11
Jan-12
Sep-12
May-13
Jan-14
Sep-14
May-15
Jan-16
Sep-16
May-17
Jan-18
Sep-18
May-19
Jan-20
Sep-20
May-21
Jan-22
Sep-22
Policy Rate 1-Week Interbank Rate
Interest rates in financial markets accelerated at the
end of 2022, indicating tighter financial conditions.
22500
23000
23500
24000
24500
25000
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Central Bank Reference Rate Commercial Bank Rate
0
20000
40000
60000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
2022
2021
Some companies in Vietnam faced liquidity problem, particularly in real estate sector with high
reliance on fundraising from the bond market,
Key factors :
1) Rapid policy rate hikes, 2) Tightened regulations on corporate bond issuance, and
3) Lower investor confidence, which reduces confidence in the bond market, increases cost of fund,
and makes it more difficult to borrow from commercial banks or issue bonds, affecting liquidity
management. The government plans to ease some measures and supports debt restructuring of
companies with liquidity crisis, including postponing the enforcement of regulations on new bonds to
alleviate tensions in the financial market. This is expected to ease the problem, but only gradually, since
monetary policy is still tight, and the economy is starting to slow down.
Vietnam’s liquidity shortage and government measures
Tightened regulations on corporate
bond issuance and the arrest of some
real estate tycoons*
VND depreciation
VND appreciation
SBV aggressively raised policy rates, partly due to a rapid VND depreciation. SBV can
slow policy rate hikes once VND starts to appreciate.
Corporate bond issuance sharply dropped in 2022 amid tight financial
conditions, leading to rollover risks.

33. เศรษฐกิจโลก
33
CLMV Outlook 2023