Cambodia: 2023 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, January 31, 2024
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- Cambodia: 2023 Article IV Consultation-Press Release; and Staff Report
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Bibliographic details
- Published: January 31, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400267727.002
Overview
- Cambodia experienced rapid growth over the past decade, outpacing many regional peers.
- Growth drivers included industrialization, increased foreign direct investment, and a surge in exports, particularly in labor-intensive manufacturing.
- The economy underwent significant structural shifts and made strides in poverty reduction.
- The COVID-19 pandemic caused significant setbacks and may have left longer-term scarring.
- Key challenges ahead: sustain inclusive growth, diversify exports, and navigate potential headwinds from China's slowing growth.
Growth drivers and structural change
- Industrialization as a primary engine of growth.
- Increased foreign direct investment supporting capital formation and employment.
- Surge in exports concentrated in labor-intensive manufacturing sectors.
- Structural shifts accompanying rapid growth contributed to progress in poverty reduction.
COVID-19 impact and potential scarring
- The COVID-19 pandemic caused significant setbacks to the economy.
- There is a risk that the pandemic has left longer-term scarring affecting growth and inclusion outcomes.
Policy implications and priorities
- Sustain inclusive growth to preserve poverty-reduction gains.
- Diversify exports to reduce vulnerability to external shocks.
- Manage exposure to external headwinds, notably slowing growth in China.
Key publication identifiers
- Publication date: January 31, 2024
- Pages: 112
- Volume: 2024
- Issue: 036
- Series: Country Report No. 2024/036
- DOI: https://doi.org/10.5089/9798400267727.002
- Stock No: 1KHMEA2024001
- ISBN: 9798400267727
- ISSN: 1934-7685
International Monetary Fund. "Cambodia: 2023 Article IV Consultation-Press Release; and Staff Report", January 31, 2024.
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- 1khmea2024001