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Prospects and Challenges of Cambodia’s Transport Industry
(November 15, 2024) Ranuth Cheng, Lyly Em; Rothana Kim; Cheyvireak Sok; Sophyreath Thun; and Kimsrong Vok
The service industry, encompassing a wide range of sectors such as finance, insurance, banking, tourism, education, transportation, and others, is one of the most significant contributors to a country’s industrialization and economic growth. Cambodia, with its remarkable economic growth rate averaging 7.7 percent annually from 1998 to 2019, is recognized as the fastest-growing economy in Asia (World Bank, 2023). To sustain this growth, Cambodia needs to develop its service industry further. As of 2023, Cambodia’s service sector contributed significantly to the country’s GDP, accounting for 36.2 percent, next to industry (Statista, 2024). Notably, between 2012 and 2016, the service sector attracted over 50.0 percent of Cambodia’s total foreign direct investment (FDI) inflows, surpassing Myanmar (43.0 percent) and even Malaysia (38.0 percent) (Aquarii BD, 2022).