NBC Projects Cambodia’s Growth to Slow To 3.9% in 2026 Amid Global Headwinds

PHNOM PENH, July 27, 2026 (KPT) – Cambodia’s economy is projected to grow by 3.9 percent in 2026, as global and domestic challenges weigh on activity, though the National Bank of Cambodia expects conditions to improve in the second half of the year.

NBC Governor Chea Serey said the economy expanded by an estimated 3.5 percent in the first half, with growth forecast to accelerate to 4.3 percent in the second half. She spoke at the bank’s mid‑year meeting on Monday.

The expected rebound will be driven by garment exports, non‑garment manufacturing, agriculture and foreign direct investment inflows. Tourism, however, has declined, while construction and real estate remain weak.

Serey said Cambodia faces overlapping pressures including geopolitical tensions, higher fuel prices, weaker trade and travel, financial market volatility, prolonged border tensions with Thailand, technology‑related scams and lingering effects of the COVID‑19 crisis.

The NBC forecast sits between projections from international institutions. The IMF recently lowered its 2026 forecast to 3 percent, while the Asian Development Bank and ASEAN+3 Macroeconomic Research Office maintained estimates of around 4.2 percent.

Despite the slowdown, Serey said growth of 3 to 4 percent reflects resilience, supported by political and macroeconomic stability and diversification.

Cambodia’s banking system remains sound, with 239,546 loan accounts worth $4.8 billion restructured, equal to 7.5 percent of total loans. Increased provisioning has kept the net non‑performing loan ratio at 3.3 percent.

The NBC said maintaining price and financial stability remains a priority as Cambodia navigates uncertainty in the second half of the year.