Maintaining High Growth : Cambodia Economic Update, April 2015

Cambodia continues to enjoy robust growth, albeit at a slightly slower pace. Real growth in 2014 is estimated to have reached 7.0 percent. The garment sector, together with construction and services, in particular finance and real estate, continues...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Phnom Penh 2015
Subjects:	MONETARY POLICY DEFICIT DEPOSIT CAPITAL MARKETS HOLDING REGULATORY FRAMEWORK FOREIGN CURRENCY LOANS INTEREST INCOME GOVERNMENT EXPENDITURES OIL PRICE ACCOUNTING DEPOSITS BROAD MONEY FINANCIAL MANAGEMENT FISCAL DEFICITS INFORMATION SYSTEM MACROECONOMIC MANAGEMENT FOREIGN EXCHANGE MARKET INTEREST PUBLIC INVESTMENTS JUDICIAL REFORMS GOVERNMENT SPENDING INTEREST RATE EXCHANGE GOVERNMENT REVENUES LOCAL GOVERNMENTS ECONOMIC DEVELOPMENTS BANKING SYSTEM MACROECONOMIC POLICY RESERVE REQUIREMENTS INTERNATIONAL FINANCIAL MARKETS DEPOSIT INTEREST REVENUES OUTSTANDING CREDIT BONDS DEVALUATION LOAN TRADE SECTOR TAX INCOME TAX BUDGETING FOREIGN EXCHANGE MARKETS RESERVE INVESTMENT REGIME MARKET INFORMATION INFLATION PENSION DEBT BURDEN LENDER SAFETY NETS BUDGET MARKET PARTICIPANTS CENTRAL BANK MACROECONOMIC STABILITY LABOR MARKET HUMAN RESOURCE TRADE BALANCE OIL PRICES EXCHANGE COMMISSION CURRENCY DOMESTIC CURRENCY EXPORT GROWTH RESERVE BANK INCOME GROWTH FINANCES FOREIGN CURRENCIES EXCHANGE RATES TRADING INTEREST RATES DOMESTIC CURRENCIES MARKETS DEBT CAPITAL MARKET RETURN DEFICITS OPEN ECONOMY BUSINESS CYCLE AGRICULTURAL COMMODITY LOANS DIRECT INVESTMENT RESERVES DEBT SERVICE CAPITAL INVESTMENTS PENSION FUNDS MONETARY AUTHORITIES BANK FINANCING FINANCE FOREIGN CURRENCY DOMESTIC BANK PUBLIC INVESTMENT CURRENT ACCOUNT DEFICITS TAXES BANKING SECTOR FISCAL DEFICIT EXPENDITURE TRANSACTIONS INVESTMENT REGIMES EQUITY CREDIT EXPANSION INVESTORS FEDERAL RESERVE FOREIGN EXCHANGE RESERVES GOOD TAX INCENTIVE TAX RATE DEBT REDUCTION FEDERAL RESERVE BANK INTERNATIONAL TRADE TRANSPARENCY FINANCIAL STABILITY EXPORT COMPETITIVENESS FINANCIAL CRISIS FUTURE FOREIGN DIRECT INVESTMENT RETURNS LENDER OF LAST RESORT TREASURY BILLS BUDGETS PURCHASING POWER PRUDENTIAL REGULATIONS INVESTOR CONFIDENCE EQUITY FUNDS PRICE STABILITY EXPENDITURES PROPERTY CURRENT ACCOUNT DEFICIT TAX RATES SHARES FACE VALUE MARKET POLITICAL UNCERTAINTY LOCAL CURRENCY FOREIGN EXCHANGE IMPLICIT GUARANTEE SECURITIES PUBLIC DEBT TREASURY PRODUCTIVE INVESTMENTS HOLDINGS CURRENCIES GOVERNMENT BONDS INVESTOR GOODS FIXED ASSETS SECURITY INTERNATIONAL MARKET PRICE RISKS NATIONAL BANK INVESTMENT DOMESTIC CREDIT HUMAN RESOURCES SHARE INVESTMENT CLIMATE SHORT-TERM INTEREST RATE POVERTY FINANCIAL MARKETS POLITICAL STABILITY BID CAPITAL INFLOWS REVENUE EXTERNAL DEBT PROFIT INVESTMENTS RISK MANAGEMENT LENDING CONSUMER PRICE INDEX CREDIT GROWTH EXCHANGE RATE PUBLIC SPENDING PROFITS LOCAL CURRENCIES CAPITAL INVESTMENT COMMODITY PRICES ARREARS LIQUID ASSETS FOREIGN HOLDINGS GUARANTEE CONSUMER PROTECTION LAND POLICY
Online Access:	http://documents.worldbank.org/curated/en/2015/04/24427602/cambodia-economic-update-maintaining-high-growth http://hdl.handle.net/10986/21904

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Summary:	Cambodia continues to enjoy robust growth, albeit at a slightly slower pace. Real growth in 2014 is estimated to have reached 7.0 percent. The garment sector, together with construction and services, in particular finance and real estate, continues to propel growth. However, there are signs of weaknesses in garment and agricultural production that are slightly slowing growth. Overall macroeconomic management remains appropriate. Fiscal consolidation continues with further improvements in revenue collection resulting from enhanced administration. Poverty continues to fall in Cambodia (poverty headcount rate in 2012 was 17.7 percent) although the pace of poverty reduction has declined significantly. Cambodia’s real growth rate is expected to moderate to 6.9 percent in 2015 and 2016, as it confronts stronger competition in garment exports, continued weak agriculture sector growth, and softer growth in the tourism sector. Recent developments include: the garment sector continues to be one of Cambodia’s main engines of growth, the external position remains stable, supported by healthy foreign direct investment inflows, underpinning the overall macroeconomic stability, Exchange rate targeting continues to support price stability, inflation has eased significantly with continuing depressed food prices and the recent decline in oil prices, and financial deepening continues, supporting economic expansion as deposit and credit growth accelerated quickly in 2014.

Maintaining High Growth : Cambodia Economic Update, April 2015

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