Cambodia’s economy has rebounded significantly and is on track to return to its pre-COVID-19 growth, according to Minister Attached to the Prime Minister, Jean-François Tan.
Speaking at a press forum on the achievements of the government of the Seventh Legislature of the National Assembly at the Office of the Council of Ministers on Wednesday, he noted that while the global economy remains sluggish, Cambodia’s economic growth reached approximately 6% last year.
This marks a steady recovery from the downturn caused by the COVID-19 pandemic.
He pointed out that the global economy grew at an average rate of just 3.2% in both 2023 and 2024. Developed countries saw a meagre 1.7% increase, as opposed to developing economies, which grew by 4.2%. In the ASEAN region, economic growth was approximately 4.6%.
He attributed the prolonged global economic slowdown to ongoing geopolitical tensions, major conflicts, and rising trade disputes, particularly those stemming from the new US administration’s policies.
Despite global challenges, Cambodia’s economic recovery has been stronger than many expected. Before the pandemic, the country experienced an average annual GDP growth of around 7%. However, in 2020, the economy contracted for the first time, dropping below 0% due to the severe impact of COVID-19.
He emphasised that Cambodia’s macroeconomic performance remains strong compared to global trends, showing robust momentum and resilience.
Looking ahead, he projected that Cambodia’s economy could expand by 6.3% this year, provided there are no major geopolitical shocks.
He encouraged optimism, citing economic forecasts from international financial institutions such as the World Bank and IMF. AKP
