Cambodia Economic Update, May 2023
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Washington, DC: World Bank
Resumen
Descripción
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.
Palabras clave
COVID-19, PANDEMIC, ECONOMIC GROWTH, PUBLIC SPENDING