Publication:
Cambodia Economic Update, May 2023: Post-COVID-19 Economic Recovery

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dc.contributor.authorWorld Bank
dc.date.accessioned2023-06-27T16:40:35Z
dc.date.available2023-06-27T16:40:35Z
dc.date.issued2023-06-27
dc.description.abstractCambodia’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.en
dc.identifierhttp://documents.worldbank.org/curated/en/099051523221517821/P17734003f2bcf02b0a89500f61b1f3ff7b
dc.identifier.doi10.1596/39931
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/39931
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectCOVID-19
dc.subjectPANDEMIC
dc.subjectECONOMIC GROWTH
dc.subjectPUBLIC SPENDING
dc.titleCambodia Economic Update, May 2023en
dc.title.subtitlePost-COVID-19 Economic Recoveryen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleCambodia Economic Update, May 2023: Post-COVID-19 Economic Recovery
okr.date.disclosure2023-06-27
okr.date.lastmodified2023-05-22T00:00:00Zen
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/099051523221517821/P17734003f2bcf02b0a89500f61b1f3ff7b
okr.guid099051523221517821
okr.guid099062123224511680
okr.identifier.docmidP177340-3f2bcfad-ea63-482b-a895-0f61b1f3ff7b
okr.identifier.doihttp://dx.doi.org/10.1596/39931
okr.identifier.externaldocumentum34063192
okr.identifier.internaldocumentum34063192
okr.identifier.report182137
okr.import.id950
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099051523221517821/pdf/P17734003f2bcf02b0a89500f61b1f3ff7b.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryCambodia
okr.region.geographicalSoutheast Asia
okr.sectorCentral Government (Central Agencies)
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicFinance and Financial Sector Development::Public & Municipal Finance
okr.unitEFI-EAP-MTI-MacroFiscal-1 (EEAM1)
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