Cambodia Economic Update, June 2021 : Road to Recovery
After contracting by 3.1 percent in 2020, Cambodia’s economy has gradually recovered. The recovery is, however, uneven, partial, and volatile in part due to the re-introduction of a domestic lockdown, triggered by recent flare-ups of coronavirus in...
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World Bank, Phnom Penh
2021
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| Online Access: | http://documents.worldbank.org/curated/en/788321624038286598/Cambodia-Economic-Update-Road-to-Recovery http://hdl.handle.net/10986/35783 |
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okr-10986-357832021-06-22T05:11:05Z Cambodia Economic Update, June 2021 : Road to Recovery World Bank ECONOMIC GROWTH ECONOMIC RECOVERY MONETARY POLICY FISCAL TRENDS EXTERNAL SECTOR PUBLIC DEBT SOCIAL ASSISTANCE CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC OUTLOOK After contracting by 3.1 percent in 2020, Cambodia’s economy has gradually recovered. The recovery is, however, uneven, partial, and volatile in part due to the re-introduction of a domestic lockdown, triggered by recent flare-ups of coronavirus infections. Like many countries in the region, Cambodia has been hit hard by global demand shock and coronavirus-related shutdowns which have had predictably uneven economic impacts across sectors. The agriculture sector has been relatively resilient in the face of the coronavirus shock. In addition, it has been boosted by increased investment, thanks to good prospects of the newly signed Cambodia-China Free Trade Agreement (CCFTA) and Regional Comprehensive Economic Partnership (RCEP).The manufacturing sector sharply contracted last year, but appears to have gradually recovered since, as it has adapted to changing external conditions. The easing of the traditional manufacturing industries, namely garment, footwear, and travel (GFT) goods has been partly offset by the expansion of the newly emerging manufacturing (electrical, electronic and vehicle parts including bicycles) and agroprocessing industries. Parts of the services sector such as accommodation, restaurants and transport continue to be hit hard by slowdown in domestic and international tourism, while wholesale and retail trade has managed to slowly recover, supported by a gradual revival in domestic economic activity. 2021-06-21T18:46:45Z 2021-06-21T18:46:45Z 2021-06-15 Report http://documents.worldbank.org/curated/en/788321624038286598/Cambodia-Economic-Update-Road-to-Recovery http://hdl.handle.net/10986/35783 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Phnom Penh Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling East Asia and Pacific Cambodia |
| repository_type |
Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ECONOMIC GROWTH ECONOMIC RECOVERY MONETARY POLICY FISCAL TRENDS EXTERNAL SECTOR PUBLIC DEBT SOCIAL ASSISTANCE CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC OUTLOOK |
| spellingShingle |
ECONOMIC GROWTH ECONOMIC RECOVERY MONETARY POLICY FISCAL TRENDS EXTERNAL SECTOR PUBLIC DEBT SOCIAL ASSISTANCE CORONAVIRUS COVID-19 PANDEMIC RESPONSE ECONOMIC OUTLOOK World Bank Cambodia Economic Update, June 2021 : Road to Recovery |
| geographic_facet |
East Asia and Pacific Cambodia |
| description |
After contracting by 3.1 percent in
2020, Cambodia’s economy has gradually recovered. The
recovery is, however, uneven, partial, and volatile in part
due to the re-introduction of a domestic lockdown, triggered
by recent flare-ups of coronavirus infections. Like many
countries in the region, Cambodia has been hit hard by
global demand shock and coronavirus-related shutdowns which
have had predictably uneven economic impacts across sectors.
The agriculture sector has been relatively resilient in the
face of the coronavirus shock. In addition, it has been
boosted by increased investment, thanks to good prospects of
the newly signed Cambodia-China Free Trade Agreement (CCFTA)
and Regional Comprehensive Economic Partnership (RCEP).The
manufacturing sector sharply contracted last year, but
appears to have gradually recovered since, as it has adapted
to changing external conditions. The easing of the
traditional manufacturing industries, namely garment,
footwear, and travel (GFT) goods has been partly offset by
the expansion of the newly emerging manufacturing
(electrical, electronic and vehicle parts including
bicycles) and agroprocessing industries. Parts of the
services sector such as accommodation, restaurants and
transport continue to be hit hard by slowdown in domestic
and international tourism, while wholesale and retail trade
has managed to slowly recover, supported by a gradual
revival in domestic economic activity. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Cambodia Economic Update, June 2021 : Road to Recovery |
| title_short |
Cambodia Economic Update, June 2021 : Road to Recovery |
| title_full |
Cambodia Economic Update, June 2021 : Road to Recovery |
| title_fullStr |
Cambodia Economic Update, June 2021 : Road to Recovery |
| title_full_unstemmed |
Cambodia Economic Update, June 2021 : Road to Recovery |
| title_sort |
cambodia economic update, june 2021 : road to recovery |
| publisher |
World Bank, Phnom Penh |
| publishDate |
2021 |
| url |
http://documents.worldbank.org/curated/en/788321624038286598/Cambodia-Economic-Update-Road-to-Recovery http://hdl.handle.net/10986/35783 |
| _version_ |
1764483766543187968 |