Lower Middle Income Status

According to World Bank statistics, Cambodia was one of the fastest-growing economies in the world between 1998 and 2018. During that twenty-year period, Cambodia’s average growth rate was 7.7%, a really impressive rate of growth–and one that is continuing today even though so much of the economy is informal, like the women above selling on the street who pay no business registration fees or taxes. Results of the rapid growth have been dramatic: Cambodia has moved from a Least Developed Country status to a Lower Middle Income level and during the period of 1998-2013, life expectancy increased by 23%.