Cambodia 1998-2008 : An Episode of Rapid Growth

Cambodia 1998-2008 : An Episode of Rapid Growth

Cambodia's growth over 1998-2008 has been remarkable (almost 10 percent per annum for a decade). This paper applies a "growth diagnostic" approach to understand how this happened and how it can be sustained. Past growth has been driv...

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Bibliographic Details
Main Author:	Guimbert, Stephane
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCOUNTING ACCOUNTING FRAMEWORK AGRICULTURE AMOUNT OF CAPITAL ARABLE LAND ASSET PRICES ASSETS BANKING SECTOR BARRIER BARRIER TO ENTRY BENCHMARKING BINDING CONSTRAINT BINDING CONSTRAINTS BROAD MONEY BUSINESS ENVIRONMENT CAPACITY CONSTRAINTS CAPITAL ACCUMULATION CAPITAL GAINS CAPITAL INFLOWS CAPITAL INVESTMENTS CENTRALIZATION CHILD LABOR COLLATERAL COLLECTIVE ACTION COLLECTIVE ACTION PROBLEMS COMMERCIAL FISHING COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES COMPETITIVENESS COMPLIANCE COSTS COORDINATION FAILURES CORRUPTION COST OF FINANCE COST STRUCTURE CREDIBILITY CREDIT RATIONING CREDIT RISKS CREDIT SYSTEM CURRENCY CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DECISION TREE DEMAND CURVE DEMOGRAPHIC DEMOGRAPHIC GROWTH DEMOGRAPHIC TRANSITION DEPOSITS DEVELOPED COUNTRIES DISPUTE RESOLUTION DIVERSIFICATION DIVIDEND DURABLE DURABLE EQUIPMENT ECONOMIC ACTIVITY ECONOMIC ANALYSIS ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC GEOGRAPHY ECONOMIC HISTORY ECONOMIC SITUATION ECONOMIC STRUCTURE ENABLING ENVIRONMENT ENFORCEMENT OF CONTRACTS EQUIPMENT EXCHANGE RATE EXPENDITURES EXPLOITATION EXPORT SECTOR EXPORTER EXPORTERS EXPORTS EXTERNAL FINANCE EXTERNALITIES FERTILITY RATES FINANCE CORPORATION FINANCIAL ASSETS FINANCIAL INSTRUMENTS FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCIAL SECTOR POLICIES FINANCIAL SYSTEM FISCAL POLICY FISH FISHERIES FISHERY MANAGEMENT FOOD POLICY RESEARCH FOOD PRICE FOOD PRICES FOREIGN ASSETS FOREIGN BANKS FOREIGN CAPITAL FOREIGN INVESTMENT FOREIGN INVESTORS FORESTRY FORMAL BANKING FUTURE CASH FLOWS FUTURE GROWTH GDP GDP PER CAPITA GLOBAL MARKETS GOVERNANCE INDICATORS GOVERNANCE ISSUES GOVERNMENT REGULATION GROWTH POTENTIAL GROWTH RATE HUMAN CAPITAL INCOME INFLATION INFLOWS OF CAPITAL INSURANCE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL DEVELOPMENT INTERNATIONAL FINANCE INTERNATIONAL MARKETS INTERNATIONAL TRADE INVENTORIES INVENTORY INVESTING INVESTMENT CLIMATE INVESTMENT FUNDS INVESTMENT POLICIES INVESTMENT PROJECTS INVESTMENT RATES INVESTMENT REGIME JOINT VENTURE LABOR COSTS LABOR FORCE LABOR MARKET LABOR PRODUCTIVITY LABOR STANDARD LABOR STANDARDS LACK OF COMPETITION LACK OF CREDIT LAND TITLES LAND TITLING LEGAL ENVIRONMENT LEGAL REFORMS LIBERALIZATION LIQUIDITY LOAN LOAN PORTFOLIO LOAN REPAYMENT LOCAL CURRENCY LOGGING LOW-INCOME COUNTRY MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMIC UNCERTAINTY MARKET CONDITIONS MARKET FAILURE MARKET FAILURES MONOPOLY NATIONAL BANK NATURAL RESOURCES NET EXPORTS OPEN ECONOMY OPPORTUNITY COST OUTPUT OVERVALUATION POLICY DECISIONS POLICY INSTRUMENTS POLICY RESPONSES POLITICAL ECONOMY POLITICAL STABILITY POLITICAL SYSTEM PORTFOLIO POWER OUTAGES PRICE INCREASES PRIVATE INVESTMENT PRODUCERS PRODUCTION COSTS PROFIT MARGINS PROPERTY RIGHTS PUBLIC GOODS PUBLIC INVESTMENT PUBLIC SAVINGS QUOTAS RAPID GROWTH RATE OF GROWTH RATES OF RETURNS REAL ESTATE REAL EXCHANGE RATE REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES RED TAPE REFORM PROGRAM REGIONAL TRADE REGISTRATION PROCESSES REGRESSION ANALYSIS REGULATORY POLICY REGULATORY REQUIREMENTS RETAINED EARNINGS RETURN RETURNS RULE OF LAW RURAL INFRASTRUCTURE SALES AGREEMENT SAVINGS SOCIAL CAPITAL STOCKS SUPPLY OF CREDIT TAX TAX EXEMPTIONS TAX RATES TAXATION TELECOMMUNICATIONS TRACK RECORD TRADE REGIME TRANSPARENCY TURNOVER UNDERVALUATION VALUE ADDED WAGES WAREHOUSE WAREHOUSE RECEIPTS WORKING CAPITAL WTO
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100414084009 http://hdl.handle.net/10986/3758

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Summary:	Cambodia's growth over 1998-2008 has been remarkable (almost 10 percent per annum for a decade). This paper applies a "growth diagnostic" approach to understand how this happened and how it can be sustained. Past growth has been driven by the coincidence of a set of historical and geographic factors (including opportunistic policy responses), together with the use of natural assets (although in a non sustainable way) and the elaboration of productive sector-specific governance arrangements. Several of these factors are unfortunately not self-sustaining and the global economic crisis of 2008-09 is exposing these vulnerabilities. A growth diagnostic flags a number of short-term priorities to ensure the competitiveness of existing industries, as well as more medium-term priorities for the country to continue attracting foreign investment and start mobilizing more domestic savings. A key economic policy objective is the diversification of the economy, which requires a reduction in unproductive risks and costs as well as creative solutions to coordination failures.

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