Clear Skies : Cambodia Economic Update, October 2014
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Washington, DC
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This issue of the Cambodia economic
update covers the following selected issues: 1) making the
most of the Cambodian rise sector; and 2) creating
opportunities for firms as reflected in findings from the
investment climate assessment. For FY2014 economic growth
held up well despite domestic uncertainty and instability in
neighboring countries. Real growth is estimated to reach 7.2
percent, driven by the garment, construction, and services
sectors. Overall macroeconomic management has been good with
fiscal consolidation underpinned by improved revenue
administration. In 2015 with the expectation of renewed
confidence and the return of political stability after
ending a yearlong political deadlock in July 2014, bolstered
by a strengthening global economy, Cambodia's real
growth rate is expected to reach 7.5 percent, similar to
that of 2013. The downside risks to the projected robust
growth are a potential recurrence of labor unrest, natural
disasters, especially the possibility of heavy floods, as
well as regional political uncertainty. Concerning rice
production, growth decelerated in 2013 highlighting the
importance of revitalizing the rice sector so it becomes
once again a key engine of GDP growth. While the milled-rice
export market is steadily expanding and increasing the
number of destination markets, the milling and transport
costs of Cambodian rice make it loose the competitiveness it
has at farm gate prices. The Royal Government of Cambodia
(RGC) has set a very legitimate target of one million tons
of milled rice exports that matters tremendously for poverty
reduction and shared prosperity. Concerning the investment
climate assessment findings, RGC's new five-year
Rectangular Strategy III continues to prioritize improving
the business environment to help diversify and increase
value-added in production. The current period of robust
growth represents an opportunity to make improvements to the
business environment that will attract long-term investors.
Proposed next steps in reforming the business environment
include: a) addressing the high cost of electricity; b)
automating government processes; c) encouraging new
investment, particularly in special economic zones; d)
continuing improvements to trade facilitation; e) completing
the draft Competition Law; f) designing and implementing a
system of incentives for business registration; and g)
focusing on implementation and enforcement.
Palabras clave
ACCOUNTING, ADVANCED ECONOMIES, AGRICULTURAL COMMODITIES, AGRICULTURAL COMMODITY, AGRICULTURAL PRACTICES, AGRICULTURAL PRODUCTION, AGRICULTURE, AUDITS, BANK FINANCING, BANKING SECTOR, BANKING SUPERVISION, BANKING SYSTEM, BENEFICIARIES, BORROWING COSTS, BROAD MONEY, BUSINESS CLIMATE, BUSINESS ENVIRONMENT, CAPITAL FORMATION, CAPITAL INFLOWS, CAPITAL INVESTMENT, CAPITAL STOCK, CENTRAL BANK, CODE OF CONDUCT, COLLATERAL, COMMODITY EXPORTS, COMMODITY PRICES, CONSUMER PRICE INDEX, CONSUMERS, CONSUMPTION GOODS, CPI, CREDIT GROWTH, CURRENT ACCOUNT, CURRENT ACCOUNT BALANCE, CURRENT ACCOUNT DEFICIT, DEBT, DEBT BURDEN, DEBT SERVICE, DEBT SERVICE RATIO, DEBT SUSTAINABILITY, DEPOSIT, DEPOSIT RATE, DEPOSITS, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT STRATEGY, DOMESTIC BANK, DOMESTIC CREDIT, E-COMMERCE, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC EXPANSION, ECONOMIC GROWTH, ECONOMIC IMPACT, ECONOMIC SECTORS, ENVIRONMENTAL, ENVIRONMENTS, EXCHANGE RATE, EXCHANGE RATE TARGETING, EXCHANGE RATES, EXPANSIONARY FISCAL POLICY, EXPENDITURE, EXPORT COMPETITIVENESS, EXPORT GROWTH, EXPORT MARKET, EXPORTER, EXPORTERS, EXPORTS, EXTERNAL DEBT, EXTERNAL FINANCING, FARMS, FEDERAL RESERVE, FEDERAL RESERVE SYSTEM, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL STABILITY, FISCAL BALANCE, FISCAL CONSOLIDATION, FISCAL DEFICIT, FISCAL POLICY, FISHERIES, FIXED ASSETS, FOOD PRICE, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN INVESTMENT, FOREIGN INVESTORS, FOREIGN MARKETS, FOREIGN TRADE, FORESTRY, GDP, GLOBAL ECONOMY, GOVERNMENT EXPENDITURE, GOVERNMENT EXPENDITURES, GOVERNMENT REVENUES, GOVERNMENT SAVINGS, GOVERNMENT SPENDING, GROSS DOMESTIC PRODUCT, GROWTH RATE, GROWTH RATES, HOLDINGS, HUMAN DEVELOPMENT, IMPORTS, INCOME, INCOME TAX, INFLATION, INFLATIONARY PRESSURE, INSTRUMENT, INTEREST RATE, INTEREST RATE SPREAD, INTEREST RATES, INTERNATIONAL BEST PRACTICE, INTERNATIONAL FINANCIAL MARKETS, INTERNATIONAL MARKET, INTERNATIONAL RESERVES, INTERNATIONAL TRADE, INVESTMENT CLIMATE, INVESTMENT PROJECTS, INVESTOR CONFIDENCE, JOINT VENTURES, LABOR MARKET, LAND POLICY, LAND TITLE, LDCS, LENDER, LENDER OF LAST RESORT, LEVEL PLAYING FIELD, LOAN, LOCAL BUSINESS, LOCAL CURRENCY, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, LONG-TERM INVESTORS, LOW-INCOME COUNTRIES, MACROECONOMIC ENVIRONMENT, MACROECONOMIC MANAGEMENT, MACROECONOMIC POLICY, MACROECONOMIC STABILITY, MACROECONOMIC UNCERTAINTY, MACROECONOMICS, MAJOR CURRENCIES, MARKET STABILITY, MICROENTERPRISES, MIDDLE-INCOME COUNTRIES, MONETARY AGGREGATES, MONETARY AUTHORITIES, MONETARY POLICY, MONEY GROWTH, NATIONAL BANK, NATIONAL CURRENCY, NATURAL DISASTERS, NEW MARKETS, OIL, OPEN MARKET, OUTPUT, OUTSTANDING CREDIT, POLICY ENVIRONMENT, POLITICAL STABILITY, POLITICAL TURMOIL, POLITICAL UNCERTAINTY, PORTFOLIO, POST-CRISIS PERIOD, POVERTY REDUCTION, PRICE RISKS, PRICE STABILITY, PRICE VOLATILITY, PRIMARY MARKET, PRODUCERS, PRODUCTION FUNCTION, PRODUCTION INCREASES, PRODUCTIVITY, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SPENDING, REAL EFFECTIVE EXCHANGE RATE, REAL ESTATE, REAL GDP, REAL GROWTH RATE, REFORM PROGRAM, REGULATORY ENVIRONMENT, REGULATORY FRAMEWORK, REMOTE AREAS, RESERVES, RESOURCE ALLOCATION, RETURN, RETURNS, SECURITIES, SHORT-TERM BORROWING, SHORT-TERM DEBT, SHORT-TERM INTEREST RATE, SOCIAL DEVELOPMENT, SPECULATIVE BUBBLES, SUSTAINABILITY ANALYSIS, TAX, TAX COLLECTION, TAX INCENTIVES, TAX REVENUE, TECHNOLOGICAL CHANGE, TECHNOLOGY TRANSFERS, TRADE BALANCE, TRADE DEFICIT, TRADE TAXES, TRADING, TRADING PARTNERS, TREASURY, TREASURY SECURITIES, URBANIZATION, VALUE ADDED, WAGES, WHOLESALE PRICES, WORKING CAPITAL, WORLD DEVELOPMENT INDICATORS