Since Cambodia's first Systematic Country Diagnostic (SCD1), the country's economy has continued to grow strongly, reduce poverty and boost shared prosperity. Growth continued to be driven largely by factor accumulation, with limited contributions from productivity, which is not sustainable over the long term. This SCD update (SCD2) finds that most pathways identified in SCD1 made moderate progress in the past five years, except for building human assets (Pathway II) which recorded only modest progress. Pathway I's moderate progress was driven by strong export product diversification, driven by improved preferential trade access to the United States, and modest improvements in international competitiveness. A Pathway III's moderate progress was driven by improved resilience to natural disasters as well as gains on environmental performance and urban development. Strong improvements in government effectiveness and the rule of law drove cross-cutting IV's moderate progress. In contrast, Pathway II's only modest progress was driven by mixed developments across health, education, and social protection - with improvements in access not consistently delivering significantly better outcomes.