In the first quarter of 2026, Cambodia’s financial system reached a tense breaking point, revealing a massive gap between attempts to guarantee stability and liquidity—through a joint publicity campaign by the National Bank of Cambodia (NBC), the Association of Banks in Cambodia (ABC), and the Cambodia Microfinance Association (CMA)—and the actual reality of a destabilized retail banking market.
In the context of the Cambodian economy between 2024 and 2026, a stark contradiction is observed between seemingly positive macroeconomic growth and a widespread household-level insolvency crisis. According to an International Monetary Fund (IMF) report released in late 2024, the Royal Government of Cambodia maintained a remarkably low public debt-to-GDP ratio of approximately 26.6%.
Since the end of the civil war in the late 1990s, the Cambodian People’s Party (CPP) government has shifted its narrative from the ‘1979 Liberation’ to ‘economic growth’ to justify its legitimacy.
The transition of political power in Cambodia from the era of former Prime Minister Hun Sen to that of Mr. Hun Manet in 2023 was a historic turning point that brought promises of administrative modernization and sustainable development.
The governance crisis and the roots of impunity in modern Cambodian society are not accidental; rather, they are the result of a meticulously engineered power
Cambodia’s ambition to transform itself into an upper middle-income country by 2030 and a high-income country by 2050 marks one of the most significant historical
The evolution of governance in Cambodia since 2017 reflects one of the deepest strategic shifts in its modern history: a departure from the path of liberal multi-party democracy enshrined in the 1991 Paris Peace Accords and the 1993 Constitution, toward a monoparty system centered on “securitism” and the stability of power.
The momentum of regional politics in Southeast Asia is reaching a major turning point as Thailand prepares for the general election on February 8, 2026, an event that not only affects Thailand’s internal stability but is also a major determinant of the fate of bilateral relations with Cambodia.
Thai fighter jets carried out airstrikes on O’Smach town in Oddar Meanchey province on December 8, 2025, hitting areas long linked to online scam operations, according to local workers and witnesses.
From 24-27 December 2025, Cambodia and Thailand are again meeting under the General Border Committee (GBC) framework to discuss a ceasefire. The talks could lead to a defence ministers meeting on 27 December, even as fighting continues and both sides accuse each other of violations.
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