In March 2018, the Cambodian government announced its plan to be ready to transform into a digital economy by 2023. A digital economy is one in which economic processes and activities are based on digital technologies (electronic systems and devices that generate, store or process data). The digitisation of the economy drives innovation and fuels job opportunities and economic growth.
Cambodia’s economy grew at an estimated rate of 7.1 per cent in 2018, driven primarily by robust expansion in domestic consumption and exports. Despite this positive outlook, there are internal and external risks that may affect Cambodia’s future growth. These include the potential withdrawal of the European Union’s Everything But Arms trade preferences, unpredictable spillover effects of the ongoing trade frictions between the United States and China, and vulnerabilities in Cambodia’s financial sector related to the construction and real estate sectors.
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