Southeast Asia > Cambodia > Economy

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Agriculture > products rice, rubber, corn, vegetables, cashews, tapioca
Aid as % of GDP	12.5%		[24th of 129]
Debt > External	$3,890,000,000.00		[102nd of 136]
Distribution of family income > Gini index	41.7		[9th of 43]
Economic freedom	2.5		[38th of 156]
Economy > Overview From 2001 to 2004, the economy grew at an average rate of 6.4%, driven largely by an expansion in the garment sector and tourism. The US and Cambodia signed a Bilateral Textile Agreement, which gave Cambodia a guaranteed quota of US textile imports and established a bonus for improving working conditions and enforcing Cambodian labor laws and international labor standards in the industry. With the January 2005 expiration of a WTO Agreement on Textiles and Clothing, Cambodia-based textile producers were forced to compete directly with lower-priced producing countries such as China and India. Better-than-expected garment sector performance led to more than 9% growth in 2007. Its vibrant garment industry employs more than 350,000 people and contributes more than 70% of Cambodia's exports. The Cambodian government has committed itself to a policy supporting high labor standards in an attempt to maintain buyer interest. In 2005, exploitable oil and natural gas deposits were found beneath Cambodia's territorial waters, representing a new revenue stream for the government if commercial extraction begins. Mining also is attracting significant investor interest, particularly in the northeastern parts of the country, and the government has said opportunities exist for mining bauxite, gold, iron and gems. In 2006, a US-Cambodia bilateral Trade and Investment Framework Agreement (TIFA) was signed and the first round of discussions took place in early 2007. The tourism industry continues to grow rapidly, with foreign arrivals reaching 2 million in 2007. In 2007 the government signed a joint venture agreement with two companies to form a new national airline. The long-term development of the economy remains a daunting challenge. The Cambodian government is working with bilateral and multilateral donors, including the World Bank and IMF, to address the country's many pressing needs. The major economic challenge for Cambodia over the next decade will be fashioning an economic environment in which the private sector can create enough jobs to handle Cambodia's demographic imbalance. More than 50% of the population is less than 21 years old. The population lacks education and productive skills, particularly in the poverty-ridden countryside, which suffers from an almost total lack of basic infrastructure.
Exchange rates riels per US dollar - 4,016.25 (2004), 3,973.33 (2003), 3,912.08 (2002), 3,916.33 (2001), 3,840.75 (2000)
Exports	$4,089,000,000.00		[108th of 189]
GDP	$7,192,591,000.00		[111st of 203]
GDP > PPP	$31,873,000,000.00		[86th of 163]
GDP > Real growth rate	10.1%		[16th of 198]
GDP growth > annual %	13.4 annual %		[5th of 187]
GINI index	41.71		[9th of 40]
Gross National Income	$3,339,430,000.00		[115th of 172]
Human Development Index	0.571		[131st of 178]
Income category	Low income
Income distribution > Poorest 10%	2.9%		[43rd of 114]
Income distribution > Richest 10%	33.8%		[35th of 114]
Population below poverty line	40%		[21st of 46]
Tourist arrivals	219,000		[99th of 152]

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