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This overture illustrates the positioning of CLMV group as the members of the Association of Southeast Asian Nations (ASEAN). We begin with the members' economic development of the top six countries (A6); Indonesia, Philippines, Thailand, Singapore, Malaysia, Brunei, and CLMV countries.
The chart below clearly represents the gap in economy size between A6 and CLMV. Over the past years, however, the group of four least developed nations in ASEAN have strongly enhanced their economic prosperity not only in terms of GDP value but the growth rate has also outperformed other giant countries in the region.
According to the introduction of the ASEAN Economic Community (AEC), the CLMV economic contributions to the region have been kept rising from 8% in 2010 to 12% in 2016. Of which, the biggest economy in CLMV is Vietnam while Laos boosts its economic growth at the strongest pace among the others (and far greater than A6 countries). Myanmar and Cambodia are also in spotlight with respect to their tourism attractions and human resources.
CLMV macroeconomic overview are summarized in the next sections. Each of which divides economic development into 4 parts; Real sector, Monetary condition, Public Finance and External sector.
Cambodia Macro Overview
- Cambodia achieved economic growth averaging 7% per annum during 2010-2016, rebounding from the 2009 global financial crisis.
- GDP per capita rose from USD830 in 2010 to USD1,330 in 2016, surging 60% over the past 6 years and shifting to the lower-middle income group.
- The country development is heavily depending on household consumption followed by external trade sector.
- The main sectors include agriculture, garment, footware, construction and tourism.
Laos Macro Overview
- The economy of Laos, the landlocked country, is rapidly growing, averaging 8% a year in GDP growth.
- Aiming to become "The Battery of Asia".
- The country's economy is mainly driven by agricultural cropping, mining electricity and public defence, totally accounted for 40% of GDP.
- Main exports product: Mineral products, Garment, Electricity.
Myanmar Macro Overview
- Since 2011, Myanmar's military government has pursued policy reforms including anti-corruption, foreign exchange rate, foreign investment laws and taxation.
- The main industrial sectors comprise of agriculture, manufacturing, transport and trading activities.
- Main Exports product: Gas, Garment, Matpe, Rice.
Vietnam Macro Overview
- The economic expansion in Vietnam is mainly driven by domestic consumption and fixed investment in the sectors of agriculture, mining, manufacturing and trade service.
- Apart from historic hyperinflation in 90s, the recent nationwide inflation has kept on track under target rate (5%).
- Main Exports product: Phones & Spare parts, Computer, Textile & Garments, Footware.
The data in this piece was compiled using the CEIC Global Database.
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