Cambodia 2030: Economic slowdown offers opportunity to speed up reforms

Cambodia has made remarkable development progress over the past decades. In the decade prior to COVID-19, it sustained an average growth rate of seven percent per year, all while keeping public debt below 40 percent of the GDP.

This rapid growth translated into equally rapid gains in poverty reduction with the poverty rate in Cambodia declining to 18 percent in 2020 from 26 percent six years earlier. This means 1.2 million fewer Cambodians live on $2.70 a day or less. Despite this impressive achievement, 50 percent of Cambodians still live on only $4.15 or less a day. To achieve its vision 2030 of becoming an upper middle income country and to further reduce poverty, Cambodia needs to maintain a high rate of growth.

However, as 2023 draws to a close, Cambodia’s economy has been slowing down.

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