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E-book Cambodia : Diversifying Beyond Garments and Tourism Country Diagnostic Study
The economy has grown rapidly, with real per capita income doubling in the 12 years to 2013. Human development has improved, marked by a significant decline in poverty and gains across a range of socioeconomic variables. The key sectors of the economy have gone from strength to strength, with Cambodia now the world’s 8th largest rice exporter and Asia’s 10th largest garment producer. The tourism industry is riding on a wave of interest in the Angkor Wat temple complex, a world heritage site. Cambodia attracted 4.2 million international visitors in 2013 and generated $2.5 billion in tourism receipts (Ministry of Tourism [MOT] website). These developments are nothing short of remarkable when set against the country’s troubled past. Cambodia suffered grave internal conflict during the 1975–1979 Khmer Rouge regime, which ruptured the economy, caused widespread loss of infrastructure, and was a major setback in the country’s human capital development. Viet Nam invaded in 1978 and occupied the country in the 1980s, and the government grappled with rebel groups into the 1990s. A peace accord was signed with rebel groups in 1991, but the last vestiges of armed opposition were only controlled in the late 1990s. Restored political stability provided a foundation for investment and a greater focus on economic priorities.
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