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Cambodia Economic Update : Restrained Recovery - Special Focus Adapting to COVID-19 in an Uncertain World (English)

The Coronavirus disease (COVID-19) pandemic has abruptly interrupted Cambodia’s celebrated growth story. The pandemic has effectively stalled the construction and real estate boom that relied heavily on foreign investment. High-frequency phone surveys of households validated the adverse impact of the pandemic on employment. As the global economic crisis caused by COVID-19 continues, the economy in 2020 is projected to contract by 2.0 percent, the sharpest decline in Cambodia’s recent history. The most important policy goal must be to urgently regain jobs lost or suspended due to the pandemic. In this regard, full attention must be paid to boost investment in labor-intensive sectors to generate jobs. Looking ahead, it is essential to facilitate an expansion of domestic and foreign investment arising largely from recent bilateral and regional free trade agreements. It is imperative to continue to closely monitor vulnerabilities arising from a prolonged construction and property boom and the increase of credit provided to the construction and real estate sector. It is critically important to develop a COVID-19 vaccine distribution infrastructure, while identifying potential COVID-19 vaccine availability and affordability. Cooperation has been sought with regional countries developing COVID-19 vaccines such as China to ensure Cambodia has access to the COVID-19 vaccine when it is available.

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  • Author

    Ly,Sodeth, Hollweg,Claire Honore, Hebous,Sarah Waltraut, De Meneval,Philippe, Tran,Trang Thu, Cunningham,Wendy, Shrestha,Maheshwor, Karamba,R. Wendy, Tong,Kimsun, Vashakmadze,Ekaterine T.

  • Document Date

    2020/11/01

  • Document Type

    Report

  • Report Number

    155058

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Cambodia,

  • Region

    East Asia and Pacific,

  • Disclosure Date

    2020/12/15

  • Disclosure Status

    Disclosed

  • Doc Name

    Cambodia Economic Update : Restrained Recovery - Special Focus Adapting to COVID-19 in an Uncertain World

  • Keywords

    travel and tourism industry; global economic prospect; bilateral free trade agreement; regional free trade agreement; small and medium size enterprise; percent change; Regional Economic Development; foreign currency deposit; domestic economic activity; current account deficit; real growth rate; family and friends; impact on sales; trade and investment; engine of growth; nominal exchange rate; trade in services; consumer price index; change in income; regional value chain; stable exchange rate; global financial crisis; risk of debt; public debt stock; private sector debt; bilateral trade flow; foreign direct investment; demand for credit; market exchange rate; direct investment inflow; access to finance; global economic crisis; sovereign credit rating; cash transfer program; ministries of tourism; social assistance scheme; economies of scale; customs tariff schedule; total manufacturing export; change in remittance; dispute resolution mechanism; agriculture industry; agricultural commodity price; second world war; dollar exchange rate; central government revenue; central government expenditure; increase in prices; free trade area; Real estate; travel goods; broad money; travel restriction; tariff line; tourism sector; recent development; global growth; gross value; agriculture sector; domestic tourists; tourist arrival; global recession; international arrivals; Cash flow; real gdp; milled rice; construction permit; food processing; fiscal support; real sector; domestic visitors; monetary policy; construction sector; domestic demand; aggregate growth; demand shock; merchandise export; government saving; energy cost; low inflation; excess supply; household income; skilled labor; migrant household; tourism activities; manufacturing sector; heavily dependent; export product; local outbreaks; financial stress; global trade; vehicle part; rising demand; press release; garment factories; firm size; global output; speculative demand; capital gain; tourism receipts; policy option; domestic travel; fiscal deficit; construction material; Financial Sector; payment term; international reserve; tourism activity; Job Creation; oil price; government support; smooth consumption; price trend; passenger vehicle; baseline forecast; multiple channels; vulnerable household; garment worker; construction boom; international buyers; global forecasts; preferential treatment; recent history; human capital; Exchange Rates; supply chain; global pandemic; downside risk; energy exporter; potential output; tax relief; corporate sector; income assistance; export base; impact liquidity; lower price; equity injection; agricultural product; goods trade; property market; export orders; price volatility; regional growth; low rate; taxable income; incentive scheme; regional economy; new infections; output loss; external shock; severe shocks; confirmed case; term capital; theme park; baseline farmers; drug store; domestic activity; competitive investment; innovative business; Labor Market; vaccine availability; vaccine distribution; production chain; tradable sector; global demand; in work; domestic service; investor confidence; global travel; consumer goods; social distance; program initiatives; important policy; fiscal space; cross-country variation; government intervention; fiscal surplus; Financial Stability; property value; ownership transfer; liquidity support; credit market; income generation; capital outflow; livelihood support; market participant; emergency relief; debt sustainability; commodity market; base metal; physical infrastructure; government surplus; business environment; labor availability; economic reform; market opening; Social Protection; real depreciation; sales revenue; global economy; external condition; government operation; footwear industry; Trade Policies; Trade Policy; employment adjustments; institutional change; tax deferral; labor-intensive good; support policy; commercial agriculture; sea transport; ITS Services; import procedure

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Citation

Ly,Sodeth Hollweg,Claire Honore Hebous,Sarah Waltraut De Meneval,Philippe Tran,Trang Thu Cunningham,Wendy Shrestha,Maheshwor Karamba,R. Wendy Tong,Kimsun Vashakmadze,Ekaterine T.

Cambodia Economic Update : Restrained Recovery - Special Focus Adapting to COVID-19 in an Uncertain World (English). Cambodia economic update Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/986491608013945613/Cambodia-Economic-Update-Restrained-Recovery-Special-Focus-Adapting-to-COVID-19-in-an-Uncertain-World