Cambodia’s economy flourished during the two decades before COVID-19 struck. Between 2000 and 2019, annual economic growth averaged 8.2 percent, making Cambodia the fifth fastest-growing economy in the world. Growth was driven largely by tourism, manufacturing exports, real estate, and construction. After reaching lower-middle-income status in 2015, Cambodia set its sights on becoming a higher-income economy by 2050. The COVID-19 pandemic triggered the country’s first economic recession in 25 years, as the economy contracted 3.6 percent in 2020. It has gradually recovered, with growth reaching an estimated 6.0 percent in 2024.
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Phnom Penh

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