Cambodia 1998-2008 : An Episode of Rapid Growth

Guimbert, Stephane

Cambodia 1998-2008 : An Episode of Rapid Growth

2010

Guimbert, Stephane

Cambodia's growth over 1998-2008 has been remarkable (almost 10 percent per annum for a decade). This paper applies a "growth diagnostic" approach to understand how this happened and how it can be sustained. Past growth has been driven by the coincidence of a set of historical and geographic factors (including opportunistic policy responses), together with the use of natural assets (although in a non sustainable way) and the elaboration of productive sector-specific governance arrangements. Several of these factors are unfortunately not self-sustaining and the global economic crisis of 2008-09 is exposing these vulnerabilities. A growth diagnostic flags a number of short-term priorities to ensure the competitiveness of existing industries, as well as more medium-term priorities for the country to continue attracting foreign investment and start mobilizing more domestic savings. A key economic policy objective is the diversification of the economy, which requires a reduction in unproductive risks and costs as well as creative solutions to coordination failures.

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accounting agriculture arable land assets centralization collective action commercial fishing corruption demographic transition developed countries diversification economic analysis economic development economic geography economic situation economic structure equipment exchange rate exports fish fisheries fishery management food prices foreign investment forestry growth rate human capital income inflation insurance interest rates international bank international trade inventories investment funds investment policies joint venture land titling liquidity logging monopoly natural resources private investment production costs property rights public goods public investment real estate regression analysis returns rule of law savings social capital stocks taxation telecommunications value added wages working capital wto

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Loan portfolio; Child labor; Trade regime; Capital investments; Financial system; Business environment; International finance; Labor standard; Macroeconomic uncertainty; Comparative advantage; Fiscal policy; Real interest rate; Political stability; Capital gains; Policy decisions; Deposits; International development; Political economy; Warehouse receipts; International capital; Rates of returns; Gdp per capita; Foreign assets; Growth potential; Policy instruments; Benchmarking; Future cash flows; Future growth; Investment projects; Macroeconomic policy; Labor productivity; Tax exemptions; Net exports; Capital inflows; Macroeconomic stability; Macroeconomic conditions; Local currency; Policy responses; Current account balance; Economic crisis; Labor standards; Tax; Economic activity; Economic developments; Credibility; Warehouse; Financial assets; Public savings; Regulatory policy; Investment regime; Regulatory requirements; Broad money; Open economy; Opportunity cost; Barrier; Enforcement of contracts; Collective action problems; Portfolio; Compliance costs; Formal banking; Macroeconomic management; Financial instruments; Regional trade; Dispute resolution; Turnover; Exporters; Foreign investors; Land titles; Banking sector; Currency; Foreign capital; National bank; Liberalization; Track record; Financial sector policies; Real exchange rate; Dividend; Credit risks; Supply of credit; Comparative advantages; Enabling environment; Return; Governance indicators; Lack of credit; Tax rates; Durable equipment; Accounting framework; Government regulation; Real interest rates; Binding constraint; Red tape; Demographic; Rapid growth; Coordination failures; Lack of competition; Binding constraints; Financial management; Cost of finance; Expenditures; Investment climate; Cost structure; Macroeconomic policies; Investment rates; Producers; Rural infrastructure; Current account deficit; Global markets; Power outages; Exporter; Sales agreement; Transparency; International capital flows; Demand curve; Financial sector; Governance issues; Decision tree; Market failure; Asset prices; External finance; Foreign banks; Macroeconomic instability; Reform program; Quotas; Overvaluation; International markets; Amount of capital; Food price; Inflows of capital; Credit system; Food policy research; Finance corporation; Macroeconomic environment; Capacity constraints; Real interest; Political system; Collateral; Economic history; Credit rationing; Durable; Loan repayment; Legal environment; Rate of growth; Exploitation; Undervaluation; Labor force; Labor market; Market conditions; Loan; Low-income country; Market failures; Profit margins; Labor costs; Price increases; Retained earnings; Gdp; Barrier to entry; Output; Inventory; Competitiveness; Legal reforms; Registration processes; Demographic growth; Fertility rates; Capital accumulation; Investing; Externalities; Export sector

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CC BY 3.0 IGO, http://creativecommons.org/licenses/by/3.0/igo/, World Bank

En AGRIS desde: 2024-10-18

Fecha de modificación: 2025-10-25

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DOI http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100414084009 https://hdl.handle.net/10986/3758

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Cambodia 1998-2008 : An Episode of Rapid Growth

2010

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