This study outlines actions Cambodia can take to diversify its economy and shows how cutting business costs, tackling human capital deficits, and reducing vulnerability to external shocks can help drive sustainable, inclusive growth. Exploring how Cambodia became one of Asia’s fastest growing economies, the study aims to show how the country can overcome existing constraints and address emerging challenges to reach upper-middle income status by 2030. It identifies opportunities to diversify Cambodia’s textile, food processing, and manufacturing industries, underlines the need to overhaul education, and drive the investment and infrastructure improvements needed to reach its long-term goals.