Introduction What are the Cambodia's
economic outlook and risks in
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2023?
Instructor: Mr. Vichet Sam PhD
Group7
Introduction Soveasna Son
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Socheata Phallim
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Rosza Chan
Pengsear Eung
Monica Long
Cambodia, a country in
Southeast Asia, has been
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experiencing steady economic
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growth over the past decade.
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The country's GDP has been
increasing at an average rate
of 7% per year, driven by
strong performance in the
garment and tourism
industries.
1. COVID-19
One significant risk factor for
Cambodia’s economy is COVID-19
pandemic, which could disrupt global
trade and tourism. Cambodia’s
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economy heavily relies on tourism
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and export-oriented industries such as
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garment manufacturing.
1. COVID-19
One significant risk factor for Cambodia’s economy is
COVID-19 pandemic, which could disrupt global trade
and tourism. Cambodia’s economy heavily relies on
tourism and export-oriented industries such as garment
manufacturing.
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1. Country high level debt
Another risk factor is country’s high
level of debt, which could limit the
country ability to respond to future
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economic shocks. Cambodia’s public
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debt has been increasing in recent
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years and it may face challenges in
servicing debt if its economy
experiences a downturn. Cambodia’s
public debt is still evaluated as
controllable with a low risk of distress
despite the country’s economy having
been impacted by COVID-19
pandemic and other external factors.
3- Cambodia’s corruption and
government instability
Although Cambodia has enjoyed a
steady period of economic growth, its 4- Cambodia’s
problem with corruption and environmental issue relating
government instability has played a to economy
huge role in reducing its economic
The key environmental issue in
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growth.
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Cambodia is degradation of the
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ecosystem eg; decline in fish stock ,
deforestation and natural
disasters such as floods and
droughts. For these reasons, it is
expected that climate change will
significantly impact Cambodia’s
economy especially, the poor and
vulnerable people sector.
1-Population Size:
- Cambodia 2020 population is estimated at 16,718,965
people at mid year according to UN data.
- Cambodia's population is approximately 16.7 million
people as of 2021. The majority of the population is
concentrated in urban areas, with about 24% of the
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population living in Phnom Penh, the capital city
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(World Bank, 2021). The population is relatively young,
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with a median age of 25.7 years (World Bank, 2021).
- The current population of Cambodia is 17,366,128 as of
Saturday, April 22, 2023, based on Worldometer elaboration of
the latest United Nations data, and 24.2 % of the population is
urban (4,050,459 people in 2020), with the median age in
Cambodia is 25.6 years. Moreover, Cambodia population is
equivalent to 0.21% of the total world population, and
Cambodia ranks number 71 in the list of countries (and
dependencies) by population.
2-Cooperation from Other Countries:
- Cambodia has been working with
many countries and international
organizations to achieve its foreign
policy objectives and promote its
national interests. The European Joint
Programming Strategy for Cambodia
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2014-2020 regrouped eleven European
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Partners being collectively Cambodia’s
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largest grant provider, also mobilizing
€443 million as response to Covid-19.
Cambodia has also been contributing to
the UN Peacekeeping operations since
20062. The UN Cooperation Framework
with Cambodia for 2024-2028 is being
developed in support of achieving the
Sustainable Development Goals (SDGs).
3-Economic Priorities:
-In the two decades leading up
to 2020, Cambodia experienced
significant economic growth,
with its garment exports and
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tourism industries driving an
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average annual growth rate of
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7.7 percent.
-Cambodia has made progress
in improving health and
education outcomes, but more
reforms are needed to sustain
pro-poor growth, increase
competitiveness, and improve
public services.
4- Global Situation:
- Cambodia’s economy is recovering from the Covid-19 related slowdown,
boosted by resilient exports. However, the country faces global economic
headwinds as world trade growth slows.
- The World Bank has upped its projection for Cambodia’s real GDP growth
to 4.8 percent in 2022, on the back of the broader economic recovery.
- Garment, travel goods, and footwear exports remain notably buoyant.
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Moreover, earning from services, especially travel and tourism, have also
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improved following instruction of the “Living with COVID-19” strategy late
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last year.
4- Global situation
- Inflation is rising in Cambodia
- Monetary policy
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4- Global situation
- Despite recovery, real
growth projection for 2023
has been downgraded to
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5.2 percent
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- However, the medium-
term outlook is positive,
with free-trade agreement
supporting growth in
agricultural production
In conclusion, Cambodia's economic outlook is positive, but
there are risks and challenges that must be addressed to
ensure continued growth in 2023 and beyond. Infrastructure
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development and human capital development are critical
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components of this growth strategy, as they can help to
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attract foreign investment, diversify the economy, and create
a more competitive workforce.
Overall, if these challenges are effectively
addressed, Cambodia has the potential to become a more
prosperous and dynamic economy in the coming years.
In conclusion, Cambodia's economic outlook is positive, but
there are risks and challenges that must be addressed to
ensure continued growth in 2023 and beyond. Infrastructure
Introduction
Thanksand guys and specially
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development human capital development are critical
Thanks
about
professor
components forgrowth
of this givingstrategy,
the as they can help to
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opportunities
attract and diversify
foreign investment, the attention.
the economy, and create
a more competitive
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any question
Overall, if these challenges are effectively
please let’s us know and we will
addressed, Cambodia has the potential to become a more
try our
prosperous andbest to comfort
dynamic economyyou.
in the coming years.
