Cambodia

Location Cambodia ASEAN

Located in southeast Asia, Cambodia over the last decade has experienced strong economic growth with GDP growing at an average annual rate of 8%. In 2018, its GDP was $24.57 billion. The country has been designated as a least developed country by the United Nations. The country's economic system was modified during the mid-1990s from a planned economy to its current market driven system. Construction and real estate, tourism, garment production and agriculture were the sectors driving the majority of the growth. Women account for the majority of the workforce in the garment industry (which is quite similar to Bangladesh where more women are also employed in the ready-made garment industry), which accounts for 80% of the country's exports. Agricultural and sub-sectors are a source of livelihood for most of the rural household. The tourism sector has been flourishing with foreign arrivals exceeding 5.6 million in 2017. The country has been the recipient of strong international support due to the emergence of its democratic character. The 2015 International Trade Union Confederation Global Rights Index designated the country among the worst places in the world for organised labour. Corruption, high income inequality, limited manpower, substandard job prospects mean bleak prospects for long-term economic development. In 2016, the percentage of population living in poverty fell to 13.5%. The country has a young population with more than 50% younger than 25-years. Lack of education and a dearth of basic facilities-specifically in the impoverished countryside, have been among the biggest challenges faced by the country. Due to its continued economic growth over the years, the World Bank officially reclassified Cambodia as a lower middle-income country. This transition will trim the country's prospects for subsequent foreign assistance. Making a conducive business environment for private sector to flourish will be a major economic challenge for the country over the next decade. The country's total dependence on textile exports is worrisome because its Current Account Deficit (CAD) has been well above 9% since 2014.

Its population in 2018 was 16,245,729 [1]

In 2015, 64.92% of its total energy
consumption was renewable [2]

In 2021, its GDP grew by 3.03% [2]

In 2021 it had a negative Current
Account Balance of US$bn 6.99 [3]

Its Expenditure on R&D (as a percentage of
GDP) in 2015 was 0.12% [2]



What free trade areas or economic unions is it a member of?

Member of the Association of Southeast Asian Nations (ASEAN) since 30/04/1999

Other members:

Brunei Darussalam, Indonesia, Lao People's Dem. Rep., Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam


What trade deals are there between Association of Southeast Asian Nations and other countries and economic unions?

ASEAN - Japan Comprehensive Economic Partnership (from 01/12/2008)

ASEAN - Australia - New Zealand Free Trade Area (from 01/01/2010)

ASEAN - China Free Trade Area (from 01/01/2010)

ASEAN - India Free Trade Area (from 01/01/2010)

ASEAN - Korea Free Trade Area (from 01/01/2010)

Free Trade Agreement between Hong Kong, China and the Association of Southeast Asian Nations (from 11/06/2019)


What trade deals are there with other countries and economic unions?

None

Cambodia’s Wing Bank: Art of Becoming ‘Necessary’ — and Creating a Bank for Every Cambodian

Bill Gates once said, “Banking is necessary, but banks are not.” Those words struck a chord

Support, Know-how, and Care for People and Environment All Add Up to ‘the EXIM Equation’

Export-Import Bank of Thailand, known to its friends as EXIM Thailand, is a state-owned specialised financial
Read more

Tamsin Lejeune: Saving the World in Style

Tamsin Lejeune, founder and CEO of the Ethical Fashion Forum and Common Objective, is uniting a

Taiwan’s Chunghwa Telecom Takes Private 5G Tech to the Next Level

The pandemic has negatively affected enterprises in many ways — but it has also accelerated digital
Read more

From the Black Plague to the Covid Crisis, Quarantine has Affected Maritime Trade

An overly familiar term in the 2020s, “quarantine”, dates from the 14th Century and is derived

Wing (Cambodia) Limited Specialised Bank: Mobile Banking System is Taking Wing in Cambodia

In Cambodia, 16.5 percent of the population lives below the national poverty line, and 83 percent
Read more

Wing (Cambodia) Limited Specialised Bank: Bringing the Unbanked Online

The smartphone, ubiquitous in all corners of the world, is proving a powerful tool for the

The Local Climate Adaptive Living Facility (LoCAL) of UNCDF: Climate Change Impacts on Natural and Human Systems

“For women, the road was crucial. It was hard to deliver babies because of access: we
Read more

Noam Chomsky: Unravelling Established Truths

It is hard, if not downright impossible, to gain the upper hand in a debate with

Revenue Watch: 4 out of 5 Companies Fail in Good Governance

The Resource Governance Index (RGI) measures the quality of governance in the oil, gas and mining
Read more

Trade with the United Kingdom

Source: UK Office for National Statistics, October 2022.

Contains public sector information licensed under the Open Government Licence v3.0.