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Sub-anchor: Status of Cambodia's economy


10-13-2016 16:23 BJT

Full coverage: Xi Visits Cambodia, Bangladesh, Attends BRICS summit

The World Bank has officially moved the status of Cambodia's economy from the low-income bracket into lower-middle income territory.

Cambodia's economy has been strong and robust over the past few years. GDP growth in Cambodia hit 7.0 percent in 2015. That was slightly lower than the 7.1 percent growth achieved in 2014. Growth is projected to remain healthy at 6.9 percent in 2016, thanks to a significant increase in government spending.

Agriculture, tourism and garment manufacturing have helped Cambodia's economy become one of the fastest-growing economies in the region. Garment manufacturing has expanded from about 1 percent of GDP in the 1990s to more than 10 percent of GDP today.

Cambodia has adopted the "Industrial Development Policy" as a way to promote its industrial development and help maintain high and sustainable growth. But analysts believe Cambodia has to tackle the problems of inadequate electricity supplies, shortages of infrastructure and logistics, and human resources skill training.

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