Cambodia is currently experiencing something of an economic renaissance, in particular vs. where the country has been. In the late 1970s, Cambodia faced brutal government under the Pol Pot regime. The cities were emptied as the Khmer Rouge mobilized the nation's entire workforce to produce rice, most of which was exported to China. As part of this reorganization of society, the Khmer Rouge killed all dissidents, intellectuals or people of skill. The result was that, when the Vietnamese liberated the country, Cambodia had absolutely no functioning economy, and no people who could drive the economy and the country forward. The Khmer Rouge lingered on as a force in the country for a long time, further stunting opportunity for economic development. Now today, Cambodia's economy is beginning to show signs of life.
Facts & Figures
The country's GDP has increased an average of more than 6% per year since 2004, including 6.5% in 2012 and 7.1% in 2011. Even with this, however, the GDP per capita remains one of the lowest in the world at $2,400, reflecting of the awful circumstances this country faced for the first few decades of post-colonial life. The main drivers are tourism, garments an construction. While the industrial production growth rate is 9.2%, good for 20th in the world, the country is still largely agrarian, where 35.7% of the economy is in agriculture, much of it subsistence. While there is no official unemployment, most Cambodians struggle to make ends meet and 20% live below the poverty line (CIA World Factbook, 2013).
In terms of other indicators, the steady growth has fostered some stability. Inflation is low at 2.9%, and was 5.5% in 2011. This has held the exchange rate to a relative stable level as well. In part, however, this is because the U.S. dollar is the unit of currency for many transactions,...
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