As Cambodia marches forward with ambitious economic plans, 2025 holds the promise of significant growth and transformative opportunities. With a projected GDP of over $51 billion and a growth rate of 6.3%, Cambodia’s economy appears poised for substantial expansion, driven by diverse sectors. For businessmen and investors, understanding these trends is crucial for strategic decision-making.

Economic Overview: A $51 Billion Milestone

The Royal Government of Cambodia anticipates the nation’s GDP to reach approximately 209,163 billion riels ($51.39 billion), with GDP per capita expected to rise to $2,924 in 2025, up from $2,713 in 2024. This projection reflects consistent momentum across industries, services, and agriculture.

Despite this optimistic outlook, experts like Hong Vannak from the Royal Academy of Cambodia caution that the projected per capita GDP might not fully capture the challenges on the ground, such as inflation, household debt, and declining personal savings.

Nonetheless, the government’s vision to achieve upper-middle-income status by 2030 and high-income status by 2050 underscores its commitment to sustainable economic growth.

Key Sectors Driving Cambodia’s GDP Growth

1. Industrial Sector (8.6% Growth)

The industrial sector is expected to lead the charge with robust performance in both garment and non-garment manufacturing:

• Garments and Footwear: The ‘Cambodia Footwear and Bag Development Strategy 2022-2027’ aims to enhance the country’s global competitiveness.
• Non-Garment Manufacturing: Industries like automotive assembly and electronics benefit from export growth and SME-focused government policies.
• Food and Beverage Production: Increased domestic demand and export opportunities drive growth in this subsector.
• Construction: While growth in 2025 may be moderate due to subdued foreign investment, long-term prospects remain promising with industrial and commercial construction activities gaining traction.

2. Service Sector (5.6% Growth)

The service sector will play a pivotal role in driving economic growth, particularly through:

• Tourism and Hospitality: Initiatives like the ‘Siem Reap Tourism Master Plan 2021-2035’ and ‘Visit Siem Reap 2024’ aim to revitalize the sector post-pandemic.
• Transport and Warehousing: Infrastructure improvements under the ‘Inter-Transport and Logistics Master Plan 2023-2033’ support this growth.
• ICT and Financial Services: Policies like the ‘Financial Technology Development Policy 2023-2028’ and the ‘Digital Economy Framework 2021-2035’ foster modernization and innovation.
• Real Estate: Focus shifts to affordable housing for low- and middle-income populations, balancing demand and affordability.

3. Agricultural Sector (1.1% Growth)

Agriculture remains a cornerstone of Cambodia’s economy, although its growth is modest compared to other sectors.

• Crops: Investments and free trade agreements boost exports of rice, cassava, and other crops.
• Livestock: Recovery efforts aim to offset challenges like import restrictions on frozen meats.
• Fisheries: Anti-illegal fishing measures and aquaculture investments enhance sustainability and productivity.

Opportunities for Business and Investment

1. Export-Oriented Industries

The garment sector continues to thrive, while emerging industries such as automotive assembly and electronics offer new opportunities. Cambodia’s integration into regional and global supply chains provides a fertile ground for export-focused enterprises.

2. Tourism and Real Estate

Tourism rebounds with an emphasis on sustainable development, creating avenues for investments in hotels, resorts, and related infrastructure. Meanwhile, the housing market offers potential for developers targeting affordable housing.

3. Technology and Innovation

The push for digital transformation opens doors for ICT companies, fintech startups, and investors in automation and AI solutions.

4. Infrastructure and Logistics

The government’s focus on transport and logistics infrastructure paves the way for investments in warehousing, freight services, and logistics hubs.

5. Agricultural Modernization

Investors can explore opportunities in modern farming techniques, agro-processing, and exports underpinned by free trade agreements.

Challenges to Consider

Despite the optimistic outlook, potential investors should be aware of the following challenges:

• Household Debt and Inflation: High debt levels and rising costs could dampen consumer spending and economic resilience.
• Geopolitical and Global Economic Uncertainties: Trade tensions and global market fluctuations may impact Cambodia’s export-driven industries.
• Slower Construction Growth: Subdued foreign investments in construction may delay large-scale projects.

Vision for 2030 and Beyond

Cambodia’s GDP growth in 2025 marks another step toward achieving the government’s long-term economic goals. With continued focus on policy reforms, infrastructure development, and sectoral diversification, the country is well-positioned to transition into an upper-middle-income economy by 2030.

Conclusion

For businesses and investors, Cambodia offers a promising landscape of growth opportunities across multiple sectors. By aligning their strategies with the country’s economic trends, stakeholders can leverage Cambodia’s dynamic market to drive success in 2025 and beyond.

Are you ready to expand your business or invest in Cambodia’s growing economy? Share your thoughts and strategies for success in 2025!

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As 2024 draws to a close, Cambodia has demonstrated remarkable resilience and progress, positioning itself as a vibrant economic hub in Southeast Asia. For investors and businesses eyeing opportunities, understanding the country’s economic trajectory is crucial for strategic planning and expansion. This year-end review captures key economic trends and developments that define Cambodia’s growth story and its potential for the future.

Economic Growth Trends

Cambodia’s economy has sustained robust growth, with a GDP increase of 5.6% in 2023 and a projected rise to 5.8% in 2024, driven primarily by exports in garments, footwear, and tourism. The International Monetary Fund (IMF) and World Bank both highlighted the recovery in services and goods exports, even amid subdued domestic demand. Notably, Cambodia’s growth is expected to strengthen to 6.1% by 2025 and reach 6.4% in 2026.

Key drivers of growth include:

1. Revival in Tourism: International tourist arrivals reached 84% of pre-pandemic levels in the first quarter of 2024.
2. Export Performance: Garments, footwear, and travel goods continue to perform well, with ASEAN becoming the second-largest market after the US.
3. Foreign Investment: Increased investments in manufacturing and agriculture sectors have bolstered economic recovery.

Export Highlights: January–September 2024

Cambodia’s export sector has seen a significant uptick, signaling strong international demand and efficient supply chain management.

• Textile and Apparel Exports: The sector generated $8.758 billion in the first nine months, a 24.51% increase from the same period in 2023.
  • Knitted articles (HS Code 61): $5.034 billion, up 21.5%.
  • Non-knitted articles (Code 62): $2.353 billion, up 31.9%.
  • Other textiles (Code 63): $155.69 million, up 37.7%.
  • Footwear and gaiters (Code 64): $1.214 billion, up 22.4%.

Canada emerged as a key market, ranking fourth globally, with exports totaling $452.916 million in the first half of 2024.

Fostering Sustainability in the Garment Industry

The EU-Switch Garment Project, a four-year initiative funded by the European Union, concluded in May 2024. This project promoted sustainable energy practices in Cambodia’s garment sector. Key achievements include:

• Development of the Model Green Factory Program, recognized by Cambodia’s Ministry of Environment (MoE) and Ministry of Industry, Science, Technology & Innovation (MISTI).
• Introduction of technical guidelines, capacity building, and financing access for energy audits.
• Encouragement of circular economy practices, focusing on reducing single-use plastics and aligning with the UNFCCC Fashion Charter principles.

These initiatives position Cambodia as a forward-looking player in global apparel manufacturing, attractive to buyers seeking sustainable sourcing.

Rising Minimum Wages and Worker Benefits

Cambodia revised its minimum wages for textile, garment, footwear, and travel product industries, effective January 2025.

• Regular workers: $208 per month (up from $204).
• Probationary workers: $206 per month (up from $202).
  Additional benefits include:
• Attendance bonus: $10/month
• Travel and accommodation allowance: $7/month
• Meal allowance: $0.50/day
• Seniority bonus: $2–$11/month for long-term employees.

These changes underscore Cambodia’s commitment to improving worker welfare, enhancing productivity, and maintaining competitiveness.

Green Economic Transition

Cambodia has taken bold steps toward a green economic transition, with a focus on:

1. Integrated Fiscal Policy: Enhancing government capacity in economic foresight and sustainable budgeting.
2. Circular Economy: Reducing carbon emissions, fabric waste, and single-use plastics in the garment industry.

The Partnership for Action on Green Economy (PAGE) also outlined five priorities for fostering sustainable economic practices, ensuring long-term alignment with global environmental standards.

Key Insights for Investors

1. Strategic Trade Location: Cambodia’s stable political climate and favorable trade policies within ASEAN and the Regional Comprehensive Economic Partnership (RCEP) enhance its attractiveness for investors.
2. Growing Infrastructure: Upgraded transportation and logistical networks support efficient trade.
3. Sector Diversification: Opportunities are expanding in agriculture, green energy, and manufacturing beyond traditional textile industries.
4. Rising Demand: Rebounding global tourism and increased consumer spending offer new market potential.
5. Sustainability Initiatives: Investments aligned with sustainability trends are likely to receive both domestic and international support.

Challenges and Recommendations

While Cambodia’s economic outlook is promising, challenges remain:

• Diversifying Growth Drivers: The IMF has emphasized the need for structural reforms to reduce reliance on garments and tourism.
• Boosting Productivity: Enhancing workforce skills and technological adoption is essential.
• Tackling Inflation: Although inflation moderated to 1.6% y-o-y in the first half of 2024, long-term convergence to a 3% trend will require careful fiscal management.

Looking Ahead: Opportunities for 2025 and Beyond

With projected growth of 5.8% in 2024 and strengthening momentum in subsequent years, Cambodia presents a compelling case for business expansion and investment. Its commitment to sustainability, strategic trade alliances, and workforce development are key pillars of its economic strategy.

Investors seeking to capitalize on Cambodia’s growth story should consider opportunities in:

• Export-oriented manufacturing.
• Green technology and renewable energy sectors.
• Infrastructure and logistics development.
• Tourism and hospitality industries.

Conclusion

Cambodia’s year-end performance in 2024 highlights its resilience and adaptability in an evolving global economy. For businesses and investors, understanding these trends and aligning strategies with Cambodia’s growth trajectory can unlock significant potential in the coming years.

What are your thoughts on Cambodia’s economic trends and investment opportunities? Share your insights in the comments below!

Source: Fibre2Fashion News Desk (SB – WE)

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Phnom Penh Land Prices in 2024: What You Need to Know Before Buying Land

Phnom Penh continues to be a hub of vibrant real estate activity, driven by its status as a highly developed city with significant investments. However, the dynamics of the land market have shifted in recent years, with the once-bustling buying and selling activities quieting since the COVID-19 pandemic. If you’re considering investing in land in Phnom Penh, it’s crucial to understand how prices have evolved in 2024.

Below, we provide an in-depth look at land prices in three prominent districts: Chamkarmon, Meanchey, and Chbar Ampov, as quoted by the Cambodian Association of Appraisers and Real Estate Agents on December 25, 2024.

1. Chamkarmon District: Premium Real Estate Hub

Chamkarmon is a prestigious district known for its urban amenities, making it a hotspot for high-value properties.

The land prices in key subdistricts (sangkats) vary depending on the road type:

Sangkat Boeung Trabek

• Main Road: $3,200–$4,800/sq.m
• Side Road: $1,800–$2,900/sq.m

Sangkat Phsar Deum Thkov

• Main Road: $2,900–$4,800/sq.m
• Side Road: $1,400–$2,900/sq.m

Sangkat Tonle Bassac

• Main Road: $3,700–$6,700/sq.m
• Side Road: $2,300–$3,800/sq.m

Sangkats Toul Tumpoung 1 & 2

• Main Road: $4,200–$6,700/sq.m
• Side Road: $2,300–$3,800/sq.m

Chamkarmon’s prime locations like Tonle Bassac and Toul Tumpoung command some of the highest prices in the city due to their proximity to key commercial areas and luxurious residential developments.

2. Meanchey District: Emerging Investment Opportunities

Meanchey is rapidly evolving, offering more affordable options compared to Chamkarmon.

The district’s diverse sangkats provide a mix of residential and commercial prospects.

Sangkat Stung Meanchey (1st, 2nd, 3rd)

• Main Road: $1,100–$4,000/sq.m
• Side Road: $450–$1,300/sq.m

Sangkat Boeung Tumpun (1st, 2nd)

• Main Road: $1,400–$3,800/sq.m
• Side Road: $450–$1,300/sq.m

Sangkat Chak Angre Leu

• Main Road: $1,500–$3,300/sq.m
• Side Road: $850–$1,300/sq.m

Sangkat Chak Angre Krom

• Main Road: $1,500–$2,900/sq.m
• Side Road: $750–$1,300/sq.m

Meanchey offers significant potential for those seeking to invest in Phnom Penh’s expanding suburban areas, particularly with its accessibility to industrial zones and residential projects.

3. Chbar Ampov District: Affordable and Expanding

Chbar Ampov is an attractive option for buyers looking for more affordable land in a growing area.

It has seen increasing attention from developers due to its proximity to Phnom Penh’s eastern expansion.

Sangkat Prek Thmey

• Main Road: $160–$550/sq.m
• Side Road: $30–$180/sq.m

Sangkat Prek Pra

• Main Road: $480–$1,010/sq.m
• Side Road: $160–$480/sq.m

Sangkat Niroth

• Main Road: $1,060–$2,370/sq.m
• Side Road: $400–$1,050/sq.m

Sangkat Chbar Ampov (1 & 2)

• Main Road: $1,190–$2,960/sq.m
• Side Road: $400–$1,290/sq.m

Sangkat Kbal Koh

• Main Road: $210–$680/sq.m
• Side Road: $60–$320/sq.m

Sangkat Prek Eng

• Main Road: $290–$1,010/sq.m
• Side Road: $160–$320/sq.m

Sangkat Veal Sbov

• Main Road: $550–$1,440/sq.m
• Side Road: $160–$400/sq.m

Chbar Ampov’s diverse price range caters to both budget-conscious buyers and investors seeking to capitalize on the district’s future growth.

Key Takeaways for Land Buyers

1. Chamkarmon remains the prime location for high-end investment but comes with steep prices.
2. Meanchey offers mid-range options with strong potential for growth.
3. Chbar Ampov is ideal for affordable land purchases, with long-term development opportunities.

Conclusion

Understanding Phnom Penh’s land prices by district is crucial for making informed investment decisions. Each district offers unique opportunities based on its development stage, accessibility, and amenities. Whether you’re looking for a premium property in Chamkarmon, an emerging hotspot in Meanchey, or an affordable investment in Chbar Ampov, Phnom Penh’s real estate market has something for everyone.

What do you think about the current land prices in Phnom Penh? Share your thoughts in the comments below!

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The Strategic Role of Sihanoukville Port in Cambodia’s Logistics Industry

In a historic milestone for Cambodia’s maritime and logistics industry, the Sihanoukville Autonomous Port (PAS) recently surpassed 1 million TEUs (Twenty-foot Equivalent Units) in annual container throughput. This achievement, reflecting a 29% year-on-year increase, has cemented the port’s position as a cornerstone of Cambodia’s economy and a key player in global trade. The port is now on track to reach a staggering 2.64 million TEUs by 2030, underscoring its strategic importance not just for Cambodia, but for the entire Southeast Asian region.

A Historical Overview of Sihanoukville Port

Established in 1956, Sihanoukville Port is located on the Bay of Kampong Saom and serves as Cambodia’s primary deep-sea port. Over the decades, it has evolved into a critical infrastructural asset, playing a pivotal role in the nation’s trade and economic development. Recognized as an autonomous institution in 1998, the port gained greater flexibility in financial operations and management, which further bolstered its efficiency and capacity.

By 2015, the port processed 391,000 TEUs annually, and its growth trajectory has since been remarkable. As of December 2023, Sihanoukville Port operates eight berths with modern cargo-handling equipment, accommodating vessels with up to 20,000 DWT (Deadweight Tonnage). Its expansion efforts aim to position it as one of the most competitive ports in the region, capable of handling a diverse range of services, including container shipping, oil logistics, and cruise operations.

Importance of Sihanoukville Port to Cambodia’s Logistics Industry

The significance of Sihanoukville Port in Cambodia’s logistics ecosystem cannot be overstated. Here’s how the port contributes to the sector:

1. A Vital Link in Global Trade

Sihanoukville Port is Cambodia’s gateway to international markets. It facilitates the import of essential goods and the export of key commodities, such as garments, agricultural products, and electronics. By streamlining cargo movement, the port reduces lead times and enhances the competitiveness of Cambodian exports.

2. Regional Integration

As Cambodia continues to integrate into ASEAN’s economic community, Sihanoukville Port plays a crucial role in connecting the country with regional hubs like Singapore, Thailand, and Vietnam. The port’s capacity to accommodate larger vessels will further strengthen these linkages.

3. Cost Efficiency

The expansion of Sihanoukville Port will enable larger container ships to dock directly, bypassing transshipment hubs. This reduction in logistical steps will lower costs for importers and exporters, making Cambodian goods more competitive in the global market.

4. Supporting Economic Growth

According to Hean Sahib, Secretary of State at the Ministry of Economy and Finance, the port is one of five key sectors driving Cambodia’s economic growth. The improved logistics capabilities attract foreign investment in manufacturing, agriculture, and other industries, further boosting the economy.

Expansion Plans and Future Prospects

Sihanoukville Port’s growth strategy is ambitious, with a phased expansion plan that involves significant investments and infrastructure upgrades.

Phase 1 (2023–2027)

The first phase of the expansion began in December 2023 with the construction of a 350-meter terminal at a depth of 14.5 meters. This project, funded by a $203 million loan from JICA (Japan International Cooperation Agency), is expected to increase the port’s annual capacity by 450,000 TEUs. Once completed in 2027, the port’s total capacity will reach 1.45 million TEUs.

Phase 2 (2027–2029)

Scheduled for completion by 2029, this phase includes building a 400-meter terminal at a depth of 16.5 meters. It will add 570,000 TEUs to the port’s annual capacity, bringing the total to 2 million TEUs.

Phase 3 (2029–2030)

The final phase involves the construction of a 430-meter terminal at a depth of 17.5 meters. This will enable the port to accommodate the largest container ships in the region, further increasing its capacity by 617,000 TEUs. By 2030, Sihanoukville Port’s total capacity will reach 2.64 million TEUs annually.

These developments position Sihanoukville Port as a global gateway, enhancing Cambodia’s role in the Indo-Pacific shipping network.

Technological and Operational Advancements

To support its growth, Sihanoukville Port is incorporating state-of-the-art technology and operational efficiencies:

• Automated Cargo Handling: Advanced equipment ensures faster and more efficient loading and unloading of goods.
• Digital Systems: The adoption of digital solutions for inventory and logistics management reduces delays and errors.
• Sustainable Practices: Efforts to reduce the port’s carbon footprint align with global sustainability goals, making it more attractive to international shipping lines.

Economic and Social Impact

The expansion of Sihanoukville Port is expected to have far-reaching implications for Cambodia’s economy and society:

1. Job Creation

The construction and operation of new terminals will create thousands of direct and indirect jobs, benefiting the local economy.

2. Boosting Exports

With increased capacity and reduced shipping times, Cambodian exporters will gain a competitive edge in international markets.

3. Enhancing Foreign Investment

Improved logistics infrastructure makes Cambodia an attractive destination for foreign investors, particularly in sectors like manufacturing and agriculture.

4. Reducing Regional Disparities

As the port develops, surrounding areas will benefit from improved infrastructure, such as roads and warehouses, reducing regional economic disparities.

Challenges and Opportunities

While the port’s growth is promising, it also faces challenges, including:

• Competition from Regional Ports: Ports in Singapore and Vietnam are well-established and offer similar advantages.
• Environmental Concerns: Expansion projects must address environmental sustainability to avoid long-term ecological damage.
• Regulatory Framework: Streamlining customs procedures and reducing bureaucratic hurdles will be crucial for efficient operations.

However, these challenges also present opportunities for innovation and collaboration with global partners.

Global and Regional Significance

The development of Sihanoukville Port has implications beyond Cambodia:

• ASEAN Trade: By improving logistics capabilities, the port supports ASEAN’s goal of becoming a highly integrated economic region.
• Indo-Pacific Strategy: The port aligns with global efforts to enhance trade routes within the Indo-Pacific region, promoting economic stability and growth.
• Supply Chain Resilience: The port’s ability to handle larger ships and volumes contributes to more resilient global supply chains.

A Gateway to Prosperity

Sihanoukville Port’s expansion is more than just an infrastructure upgrade; it represents Cambodia’s aspirations to become a regional logistics powerhouse. By 2030, the port will not only meet the demands of growing trade volumes but also drive economic growth, create jobs, and strengthen Cambodia’s position in global supply chains.

As Prime Minister Hun Manet aptly noted, the port’s achievements reflect Cambodia’s evolving role in the global economy. With continued support from international partners like Japan and a clear vision for the future, Sihanoukville Port is poised to become a model for sustainable and competitive maritime logistics in Southeast Asia.

What do you think about Sihanoukville Port’s role in transforming Cambodia’s logistics industry? Share your thoughts in the comments below!

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This is the second part of two articles that attempt to forecast the political, economic and international environment that Cambodia may face in 2025, in a thematic arrangement.

Security concerns caused by neighbouring countries

The political situation in neighboring countries can pose security concerns for Cambodia.

The case of Thailand presents the case in which extreme nationalism can be instigated based on the unsettled border issues.

Thai domestic political actors who provoked violent conflicts between Cambodia and Thailand in the past have recently intensified their activities.

Many Cambodians have noticed that anytime there is a significant internal conflict in Thai politics, there is a noticeable pattern of political complexity spilling over to Cambodia.

Thai politicians often use border disputes and other conflicting issues with neighbors as leverage in their internal political battles.

Eventually, this pattern frequently uses Cambodia as a scapegoat in their power struggle, which leads to anti-Cambodia propaganda.

The case of Vietnam illustrates a growing anti-Cambodia sentiment that is connected to anti-China sentiment.

Vietnam’s domestic situation is also unstable due to several leadership changes and extensive reforms, and trust in Cambodia is eroding because many Vietnamese new generation leaders are less knowledgeable about Cambodia and strongly want to view relations with Cambodia through the prism of China-Vietnam relations. Many Vietnamese leaders view Cambodia as their “little brother.”

Vietnam has been seen attempting to obstruct any development projects linked to China, from the Funan Techo Canal to the modernization of the Ream naval base and even the construction of the Phnom Penh-Bavet expressway.

Such adversarial politics by both Thai and Vietnamese politicians will continue to pose challenges to Cambodia’s domestic politics and national development.

As in any other country, there are hard-line and moderate politicians and academics.

Some try to destabilize relationships, while others try to find stabilizing factors to ensure the sustainability of traditional friendships.

Some warmongering individuals profit politically from sensitive issues such as unresolved borders and ultra-nationalism.

There are concerns about the extent to which the Thai and Vietnamese leaders have the political will and strong intentions to combat such extremist ideas and activities.

Cambodia is fighting hard against these extremists, some of whom live comfortably abroad, posting and spreading fake maps and news about unresolved borders with impunity.

Unfortunately, these political hardliners who want countries to fight each other over unresolved border issues also receive funding, media support, and political support from foreign entities.

These foreign entities are in fact funding and supporting the spread of fake news and destabilization of domestic politics of countries in the region.

The extremist politicians even have human rights organizations behind them. Human rights organizations have never condemned extremist politicians and their daily production of fake news that fosters hatred, misunderstanding, racism, and violence.

What Cambodia can do is identify and build trust with moderate-leaning foreign politicians in neighboring countries and put guardrails against the possibility of violent conflict between countries that would harm the interests of people in the region.

Conducting more robust exchanges of young politicians and researchers is a must to reduce misunderstanding between neighboring countries.

Will Myanmar become the next Ukraine?

The war and security situation in Myanmar are of serious concern to the entire region. Rather than slowing down, the war is escalating.

Violence continues. There are no talks in place.

As the next chair of ASEAN, Malaysia faces an extremely difficult task of ensuring that no country in the Southeast Asian region becomes the next Ukraine, a site of war machines and weapons testing, a site of ideological struggle, or a site of proxy wars, that will have devastating impact on regional peace, stability and development.

Is China taking a break or catching its breath?

The superpower rivalry between the United States and China will obviously intensify. The fight against Russia becomes like a prelude to the final battle with China.

For the West, the fight against the rise of China is a long marathon, sometimes they lose, sometimes they win, but those who last until the end will win.

Currently, the battles between China and the West are on the fronts of trade, technology, supply chain, diplomatic influence and global governance.

On some issues we can see that China is responding very harshly, but on others we can see that it remains silent.

For example, on trade issues, China often retaliates against unilateral restrictive measures from the West. China is working hard to find alternatives for the dominance of dollar.

But technologically, China is moving forward quietly and it seems that it is winning in the race for electric vehicles. China is also quietly developing its semiconductors to support smart devices despite export restrictions from the West and its allies.

So, in the current situation, it is difficult to say whether China is “taking a break” or “catching its breath” amid growing pressure for competition from the West.

If China finds itself in a winning situation, then it can take a break whenever it wants, it does not need to fight back very hard, it can just focuse on its internal development.

If China is catching its breath, it means that it is struggling hard to fight back, its economy is in decline, its consumption is struggling, employment is reduced, and all economic activities and technological progress are de-accelerated.

At the moment, the current situation is still blurred to reach any conclusion.

The article is firstly published on Khmer Times

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