Cambodia has experienced strong economic growth over the last decade, and its GDP grew at an average annual rate of 7%. The U.S. dollar is the de facto currency in Cambodia, which has no foreign exchange controls. It benefits from The Belt and Road Initiative, and also benefits from RCEP, the regional free trade agreement signed last year. Natural resources have been discovered, including crude oil and natural gas. Cambodia’s economic growth will remain strong. Cambodia is the world’s second-largest oil depository. According to the World Bank, Cambodia has 2 billion barrels of oil reserves.
Phnom Penh is Cambodia’s economic, industrial, and cultural center. It is a vibrant and booming metropolis. Its shopping centers, malls, skyscrapers, hotels as well as eateries and entertainment options help to draw tourists from around the world and give expatriates a taste of home.
Many Fortune 500 companies have entered the city. The expat population has drastically increased. Phnom Penh’s property market is seeing strong interest from local and foreign buyers.
Sihanoukville is one of the major cities on China’s One Belt One Road Initiative. In recent years, Sihanoukville has seen unprecedented levels of Chinese investment into the city with numerous casinos having opened up throughout the city. The city has attracted thousands of mainland Chinese workers, developers and investors. The city’s development strategy focuses on tourism, port expansion, and industrial growth. Foreign investment in Cambodia has increased significantly since 2004 led by Asian investors from countries such as Malaysia, China, Korea, Thailand, and Vietnam.
Siem Reap is the largest city of Cambodia. Siem Reap is a popular tourist destination, where it has many hotels, resorts, and restaurants. This owes much to its proximity to the Angkor Wat temples, Cambodia’s most popular tourist attraction. Tourism is a very important aspect of the economy of Siem Reap, with over 50% of jobs are related to the tourism industry.