Cambodia: Emerging Dynamo Of Asean

Despite its tortured recent history, Cambodia has regained its economic dynamism.

- Ong Xiang Hong

Growing from an economy that is very dependent on raw materials and tourism, Cambodia is now engaged towards industry and export.

Most Cambodians consider themselves to be Khmers, descendants of the Angkor Empire that extended over much of Southeast Asia and reached its zenith between the 10th and 13th centuries. After the decline of the empire, the country was colonised by the French and Japanese, with full independence gained in 1953.

A vicious civil war and American bombing during the Vietnam War severely curtailed development. But over the past decade, Cambodia has seen strong economic growth. GDP has grown at an average annual rate of over 8 percent between 2000 and 2010 and about 7 percent since 2011.

The tourism, garment, construction and real estate, and agriculture sectors accounts for the bulk of growth. Around 700,000 people, the majority of whom are women, are employed in the garment and footwear sector. An additional 500,000 Cambodians are employed in the tourism sector, and a further 200,000 people in construction. Tourism has continued to grow rapidly with foreign arrivals exceeding 2 million per year in 2007 and reaching 5.6 million visitors in 2017. Mining also is attracting some investor interest and the government has touted opportunities for mining bauxite, gold, iron and gems.