Cambodia Economic Update, May 2023
Cambodia’s economic recovery solidified in 2022 with real growth accelerating to 5.2 percent. After shifting to “living with COVID-19” in late 2021, the economy is firmly on a path to recovery and has now returned to its pre-pandemic growth trajectory. Initially led by the strong performance of export-oriented manufacturing, growth drivers are rotating to the services and agriculture sectors. Meanwhile, the agriculture sector is benefitting from improved access to regional markets, thanks to newly ratified bi-lateral and regional free trade agreements. Weakening external demand is, however, starting to weigh on the country’s economic recovery. Despite weakening goods export performance, the current account balance is improving, thanks to the rebound in the travel and tourism industry and remittances, while the oil price shock eased. The economic recovery and good revenue administration underpinned an across-the board improvement in domestic revenue collection. The authorities continued to provide cash transfers for poor and vulnerable households, although the worst of the pandemic is now behind us. In this regard, the Cambodian authorities have extended the COVID-19 cash transfer program, with an additional budget. To enhance the long-term resilience and competitiveness of the economy, efforts are needed to further promote export product diversification.
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Format: | Report biblioteca |
Language: | English en_US |
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Washington, DC: World Bank
2023-06-27
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Subjects: | COVID-19, PANDEMIC, ECONOMIC GROWTH, PUBLIC SPENDING, |
Online Access: | http://documents.worldbank.org/curated/en/099051523221517821/P17734003f2bcf02b0a89500f61b1f3ff7b https://openknowledge.worldbank.org/handle/10986/39931 |
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dig-okr-10986399312024-07-17T11:36:39Z Cambodia Economic Update, May 2023 Post-COVID-19 Economic Recovery World Bank COVID-19 PANDEMIC ECONOMIC GROWTH PUBLIC SPENDING Cambodia’s economic recovery solidified in 2022 with real growth accelerating to 5.2 percent. After shifting to “living with COVID-19” in late 2021, the economy is firmly on a path to recovery and has now returned to its pre-pandemic growth trajectory. Initially led by the strong performance of export-oriented manufacturing, growth drivers are rotating to the services and agriculture sectors. Meanwhile, the agriculture sector is benefitting from improved access to regional markets, thanks to newly ratified bi-lateral and regional free trade agreements. Weakening external demand is, however, starting to weigh on the country’s economic recovery. Despite weakening goods export performance, the current account balance is improving, thanks to the rebound in the travel and tourism industry and remittances, while the oil price shock eased. The economic recovery and good revenue administration underpinned an across-the board improvement in domestic revenue collection. The authorities continued to provide cash transfers for poor and vulnerable households, although the worst of the pandemic is now behind us. In this regard, the Cambodian authorities have extended the COVID-19 cash transfer program, with an additional budget. To enhance the long-term resilience and competitiveness of the economy, efforts are needed to further promote export product diversification. 2023-06-27T16:40:35Z 2023-06-27T16:40:35Z 2023-06-27 Report http://documents.worldbank.org/curated/en/099051523221517821/P17734003f2bcf02b0a89500f61b1f3ff7b https://openknowledge.worldbank.org/handle/10986/39931 English en_US CC BY-NC 3.0 IGO https://creativecommons.org/licenses/by-nc/3.0/igo World Bank application/pdf text/plain application/pdf Washington, DC: World Bank |
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COVID-19 PANDEMIC ECONOMIC GROWTH PUBLIC SPENDING COVID-19 PANDEMIC ECONOMIC GROWTH PUBLIC SPENDING |
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COVID-19 PANDEMIC ECONOMIC GROWTH PUBLIC SPENDING COVID-19 PANDEMIC ECONOMIC GROWTH PUBLIC SPENDING World Bank Cambodia Economic Update, May 2023 |
description |
Cambodia’s economic recovery
solidified in 2022 with real growth accelerating to 5.2
percent. After shifting to “living with COVID-19” in late
2021, the economy is firmly on a path to recovery and has
now returned to its pre-pandemic growth trajectory.
Initially led by the strong performance of export-oriented
manufacturing, growth drivers are rotating to the services
and agriculture sectors. Meanwhile, the agriculture sector
is benefitting from improved access to regional markets,
thanks to newly ratified bi-lateral and regional free trade
agreements. Weakening external demand is, however, starting
to weigh on the country’s economic recovery. Despite
weakening goods export performance, the current account
balance is improving, thanks to the rebound in the travel
and tourism industry and remittances, while the oil price
shock eased. The economic recovery and good revenue
administration underpinned an across-the board improvement
in domestic revenue collection. The authorities continued to
provide cash transfers for poor and vulnerable households,
although the worst of the pandemic is now behind us. In this
regard, the Cambodian authorities have extended the COVID-19
cash transfer program, with an additional budget. To enhance
the long-term resilience and competitiveness of the economy,
efforts are needed to further promote export product diversification. |
format |
Report |
topic_facet |
COVID-19 PANDEMIC ECONOMIC GROWTH PUBLIC SPENDING |
author |
World Bank |
author_facet |
World Bank |
author_sort |
World Bank |
title |
Cambodia Economic Update, May 2023 |
title_short |
Cambodia Economic Update, May 2023 |
title_full |
Cambodia Economic Update, May 2023 |
title_fullStr |
Cambodia Economic Update, May 2023 |
title_full_unstemmed |
Cambodia Economic Update, May 2023 |
title_sort |
cambodia economic update, may 2023 |
publisher |
Washington, DC: World Bank |
publishDate |
2023-06-27 |
url |
http://documents.worldbank.org/curated/en/099051523221517821/P17734003f2bcf02b0a89500f61b1f3ff7b https://openknowledge.worldbank.org/handle/10986/39931 |
work_keys_str_mv |
AT worldbank cambodiaeconomicupdatemay2023 AT worldbank postcovid19economicrecovery |
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1806031773314842624 |