On the upside, China’s reopening presents an opportunity for Cambodia to boost its travel and tourism industry and to attract FDI inflows. Downside risks include a marked slowdown in external demand, further global financial tightening, and a renewed oil price shock. The economic growth for 2023 is projected to reach 5.2 percent. The recovery of the services sector is strengthening, driven largely by pent-up consumer demand. Thanks to garment exports and tourism, Cambodia’s economy grew at an average annual rate of 7.7 percent between 19, making it one of the fastest-growing economies in the world.Ĭambodia’s economy continued to recover in 2022. Having reached lower middle-income status in 2015, it set its sights on attaining upper middle-income status by 2030. Over the two decades before COVID-19 struck in 2020, Cambodia blossomed economically.
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