Overall much progress has been achieved in recent years. Cambodia enjoys its
mandate from new acceptance into the international community through its WTO
accession. The rapid growth and current relative stability of garment exports suggests
that this membership has provided meaningful opportunities. The relative stability in
prices and exchange rates has also helped to create a fairly good macro-economic
environment, leading to strong GDP growth. The level of ODA (Official
Development Assistance) is extremely high in relative and even absolute amounts and
reflects international acceptance of the current government.
Important progress in ensuring peace and security, rebuilding institutions, and
establishing a stable macroeconomic environment has led to a steady growth over the
past ten years.145 The last three years have seen double-digit growth underpinned by
an expansion of agricultural production and continued robust activity in tourism,
garment exports, and construction. Services, particularly in the financial and
telecommunications sectors, are also increasingly contributing to growth. In addition,
the existence of Angkor Wat has allowed the development of a major tourist attraction
with a total annual influx approaching 2 million tourists. In terms of its position in the
sub-region, there is no doubt that Cambodia is in a pretty good geographic
neighborhood marked by an absence of economic crisis and signs of growth in all
major markets. Many ASEAN members are richer, fairly fast growing and seek more
aggressive integration. China is nearby and rapidly imports commodities that
Cambodia produces.