Cambodia Economic Update, June 2024: Cambodia’s Export Revival & Trade Shifts
- Andrew Millar
- Aug 31
- 2 min read
World Bank
Report Description
3rd June 2024 (PDF, 60 pages)
This edition of the World Bank’s Cambodia Economic Update provides a detailed assessment of recent macroeconomic trends, policy challenges and opportunities for structural transformation, with a special focus on strengthening Cambodia’s education system.
Summary
The report highlights how Cambodia’s economy is showing signs of revival, supported by rising exports and gradual improvements in tourism. It also underscores risks from financial sector vulnerabilities and fiscal pressures, while offering targeted recommendations to sustain growth and resilience:
Goods exports grew 17.2% y/y in Q1 2024, reaching USD $6.3 billion, driven by garments, travel goods, footwear and agricultural commodities.
ASEAN became Cambodia’s second-largest export market, accounting for 28% of total exports, up from 24.7% in 2023.
Agricultural exports surged 28.1% y/y, reaching USD $1.1 billion, making Cambodia one of the top nine rice producers globally.
FDI inflows accelerated by 149.8%, with USD $455 million approved in Q1 2024 under the Qualified Investment Project (QIP) scheme.
The current account surplus hit 1.7% of GDP in 2023, supported by exports, tourism receipts and remittances.
Domestic credit growth slowed sharply, dropping to 4.6% y/y in February 2024, the lowest in two decades, as property development cooled.
GDP growth is projected at 5.8% in 2024, rising to 6.1% in 2025 and 6.4% in 2026, underpinned by diversified exports and infrastructure investment.
About Cambodia Economic Update
The Cambodia Economic Update is a biannual report produced by the World Bank since 2009.
It tracks macroeconomic performance, sectoral trends and policy developments in Cambodia.
Each edition provides forward-looking assessments of risks and opportunities for policymakers, investors, and development partners.
About the World Bank
The World Bank is a leading international financial institution dedicated to reducing poverty and supporting sustainable development across the globe.
In Cambodia, the World Bank has been a long-standing partner, providing policy advice, financing and analytical work to strengthen economic resilience, improve governance and support inclusive growth.