Cambodia achieved lower‑middle income status in 2015 and is aspiring to attain upper middle‑income status by 2030. The economy has sustained an average growth rate around 6% between 2010 and 2019. Construction, tourism and merchandise exports (especially garments and footwear) are Cambodia’s key growth drivers. Cambodia has set out a five‑year development strategy to strengthen value addition and competitiveness of its key manufacturing sectors, including garments, footwear and travel goods. In addition, a new Law on Investment was adopted in October 2021 to encourage the development of newer and more advanced sectors, with new investment incentives and protective measures.
The global shock triggered by the Covid-19 pandemic has significantly impacted Cambodia’s economy as the economy relied on tourism heavily. Meanwhile, the country also faced the partial suspension of preferential access to the EU market under the “Everything but Arms” initiative. Cambodia’s economy contracted by 3.1% in 2020. The economy has started recovering since 2021 due to better performance in agriculture and manufacturing industry, as well as the reopening of the economy enabled by the “living with Covid‑19” strategy.
However, looking into 2022, weaker external demand and investment due to clouded economic outlook and surging oil prices lowered Cambodia’s economic growth projection, as 100% of oil products are imported in the country. World Bank projected 4.5% real growth of in 2022.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
