PHNOM PENH: Before the Covid-19 outbreak, Cambodia's economy grew by more than 7%, but the global pandemic over the past two years affected Cambodia's economy and dropped growth to 3.1%. Only in 2022, the Cambodian economy recovered to a 5% growth.

The Royal Government hopes that by 2023, the Cambodian economy will continue to grow by 6%. The Prime Minister has such expectations as Cambodia has proven to be one of the leading countries in managing and recovering from the Covid-19 crisis.

Cambodia was able to turn the crisis brought on by the pandemic into an opportunity by accelerating deep reforms to improve the national business environment and strengthen its competitiveness.

In addition, the Royal Government of Cambodia also launched and is promoting the implementation of political documents and strategies for the development of key sectors such as garments, automobiles, electronics, agriculture, tourism, postal services, and energy efficiency.

At the same time, Cambodia has become a signatory to the Regional Comprehensive Economic Partnership Agreement (RCEP), the largest free trade agreement in global history. Cambodia has also entered into force the Free Trade Agreement between Cambodia and the People's Republic of China and the Free Trade Agreement between Cambodia and the Republic of Korea.