Phnom Penh's is Cambodia's economic centre as it accounts for a large portion of the Cambodian economy. Double-digit economic growth rates in recent years have triggered an economic boom in Phnom Penh, with new hotels, restaurants, bars, high rises and residential buildings springing up around the city.
The main economy is based on commercial interests such as garments, trading, and small and medium enterprises. In the past few years the property business has been booming as real estate is now getting very expensive in the city. Tourism is also a major contributor in the capital as more shopping and commercial centres open, making Phnom Penh one of the major tourist destinations in the country along with Siem Reap and Sihanoukville. According to the World Travel and Tourism Council, tourism in Cambodia made up 17.5 percent (US$2,053 million) of Cambodia’s GDP in 2009 and account for 13.7 percent of total employment. One of the most popular areas in Phnom Penh for tourists is Sisowath Quay, alongside the Tonle Sap River. Sisowath Quay is a 3-mile strip of road that includes restaurants, bars, and hotels.
The US$2.6 billion new urban development, Camko City, is meant to bolster the city landscape. The Bureau of Urban Affairs of Phnom Penh Municipality has plans to expand and construct new infrastructure to accommodate the growing population and economy. High rise buildings will be constructed at the entrance of the city and near the lakes and riverbanks. Furthermore, new roads, canals, and a railway system will be used to connect Camko City and Phnom Penh.
Other projects include:
Grand Phnom Penh International City (under construction)
De Castle Royal Condominium (Under construction)
International Finance Complex (Under construction)
