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Cambodia 1998-2008 : an episode of rapid growth

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  • Guimbert, Stephane

Abstract

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.

Suggested Citation

  • Guimbert, Stephane, 2010. "Cambodia 1998-2008 : an episode of rapid growth," Policy Research Working Paper Series 5271, The World Bank.
    • Handle: RePEc:wbk:wbrwps:5271
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    Cited by:

    1. Hal Hill & Jayant Menon, 2013. "Cambodia: Rapid Growth with Weak Institutions," Asian Economic Policy Review, Japan Center for Economic Research, vol. 8(1), pages 46-65, June.
    2. Lonn, Pichdara & Mizoue, Nobuya & Ota, Tetsuji & Kajisa, Tsuyoshi & Yoshida, Shigejiro, 2018. "Evaluating the Contribution of Community-based Ecotourism (CBET) to Household Income and Livelihood Changes: A Case Study of the Chambok CBET Program in Cambodia," Ecological Economics, Elsevier, vol. 151(C), pages 62-69.
    3. Guimbert, Stephane & Oostendorp, Remco, 2012. "Weathering the storm : responses by Cambodian firms to the global financial crisis," Policy Research Working Paper Series 6220, The World Bank.

    More about this item

    Keywords

    Environmental Economics&Policies; Economic Theory&Research; Emerging Markets; Debt Markets; Access to Finance;
    All these keywords.

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