Phnom Penh: Cambodia's economy has rebounded significantly and is on track to return to its pre-COVID-19 growth, according to Minister Attached to the Prime Minister, H.E. Tan Jean-Fran§ois. Speaking at a press forum on the achievements of the Royal Government of the Seventh Legislature of the National Assembly at the Office of the Council of Ministers on Feb. 26 afternoon, he noted that while the global economy remains sluggish, Cambodia's economic growth reached approximately 6 percent in 2024.
According to Agence Kampuchea Presse, this marks a steady recovery from the downturn caused by the COVID-19 pandemic. H.E. Tan Jean-Fran§ois pointed out that the global economy grew at an average rate of just 3.2 percent in both 2023 and 2024. Developed countries saw only a 1.7 percent increase, while developing economies grew by 4.2 percent. In the ASEAN region, economic growth was approximately 4.6 percent.
He attributed the prolonged global economic slowdown to ongoing geopolitical tensions, major conflicts, and rising trade disputes, particularly those stemming from the new U.S. administration's policies. Despite global challenges, Cambodia's economic recovery has been stronger than many expected. Before the pandemic, the country experienced an average annual GDP growth of around 7 percent. However, in 2020, the economy contracted for the first time, dropping below 0 percent due to the severe impact of COVID-19.
H.E. Minister emphasised that Cambodia's macroeconomic performance remains strong compared to global trends, showing robust momentum and resilience. Looking ahead, he projected that Cambodia's economy could expand by 6.3 percent in 2025, provided there are no major geopolitical shocks. He encouraged optimism, citing economic forecasts from international financial institutions such as the World Bank and IMF.