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Annual Report 2002

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Mekong

• Cambodia
• Lao People’s Democratic Republic
• Myanmar
• Thailand
• Viet Nam

In 2002, GDP growth in the Mekong DMCs—Cambodia, Lao People’s Democratic Republic (Lao PDR), Myanmar, Thailand, and Viet Nam—was robust, ranging from 4.5% in Cambodia to 6.4% in Viet Nam. Compared with 2001, growth accelerated in all except Cambodia where weather-related conditions affected agriculture sector output. A common factor in the region was the strong performance of exports. Compared with 2001, export growth increased in all except Cambodia, and moved from negative to a positive in the Lao PDR and Thailand. Strong domestic demand in private consumption also helped growth, particularly in Thailand and Viet Nam, and was also reflected in increased imports across the Mekong DMCs. Inflation remained low in all except Myanmar. The budget deficits remained manageable, ranging from 2% of GDP in Thailand to about 8% in the Lao PDR. All, except Thailand, are running current account deficits, but these do not present external financing difficulties, and are sustainable. External debt was about 50% of GDP in Thailand and Viet Nam. Cambodia and the Lao PDR have significant debts to the former Union of Soviet Socialist Republics, the status of which is currently under negotiation.

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