Home » Cambodia’s impressive 6.1% GDP growth rate in 2024, as projected by the IMF

Cambodia’s impressive 6.1% GDP growth rate in 2024, as projected by the IMF

by Surya Narayan
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In a world still grappling with the aftermath of the COVID-19 pandemic, Cambodia has emerged as a shining example of resilience and economic dynamism. This small Southeast Asian nation, with a population of approximately 16 million people and a land area of 181,035 square kilometers, has managed to defy the odds and is set to achieve an impressive 6.1% GDP growth rate in 2024, according to the latest projections from the International Monetary Fund (IMF).

This stellar performance isn’t a mere stroke of luck but a testament to Cambodia’s multifaceted strengths across various sectors. Agriculture, tourism, manufacturing, construction, and services are all contributing to this economic surge. A crucial driving force behind this growth is the thriving sector of small and medium enterprises (SMEs), which make up over 90% of all businesses in the country.

SMEs are the lifeblood of Cambodia’s economy, playing a pivotal role in job creation, poverty reduction, innovation, and social inclusion. Additionally, they enhance Cambodia’s competitiveness and its integration into regional and global markets. Recognizing the pivotal role of SMEs, the Cambodian government has implemented a series of progressive policies and programs aimed at supporting their development and growth.

These initiatives include efforts to improve the business environment, ensuring better access to finance for SMEs, facilitating trade and investment, promoting digitalization and e-commerce, strengthening human capital and skills, and fostering entrepreneurship and innovation. This comprehensive approach has not only empowered local businesses but has also attracted international investors, paving the way for sustainable growth.

But it’s not just economics where Cambodia shines. The country has enjoyed political stability and peace since the end of the civil war in 1998. This stability has been a cornerstone of Cambodia’s success story, facilitating a stable constitutional monarchy, a multiparty democracy, the rule of law, and a deep respect for human rights. Furthermore, Cambodia has been a beacon of diplomacy, following a foreign policy of neutrality, friendship, and cooperation with all nations, particularly its fellow members in the ASEAN community.

With a combination of robust economic growth, a vibrant SME sector, and a peaceful environment, Cambodia is on the fast track to overcoming the challenges of the post-pandemic era. The nation is fully committed to its vision of becoming an upper-middle-income country by 2030 and ultimately a high-income country by 2050. The data from the IMF projections only reinforces this optimism, placing Cambodia among the world’s fastest-growing economies in 2024.

Looking at the IMF’s list of economic powerhouses in 2024, Cambodia stands alongside nations such as Macao SAR, Guyana, Palau, Niger, and Senegal, showing its might in the Asia-Pacific and Sub-Saharan Africa regions. These impressive growth figures underscore the fact that Cambodia is not alone in its ambition to thrive in a post-pandemic world.

As we celebrate Cambodia’s achievements, we must also acknowledge the collective spirit of resilience and determination that has characterized this nation’s journey. With its combination of economic might, support for SMEs, and unwavering political stability, Cambodia is proving that it can indeed be the rising star in the post-pandemic world.

In a global landscape still marked by uncertainty, Cambodia’s success story serves as an inspiration for other nations striving to overcome the challenges brought by the COVID-19 pandemic. With the right policies, a strong SME sector, and a commitment to peace and stability, there is no doubt that Cambodia is well on its way to a brighter and more prosperous future.

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