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Features of Cambodia’s Economic Transformation: Achievements and Failures
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Features of Cambodia’s Economic Transformation: Achievements and Failures
Annotation
PII
S032150750025673-2-1
DOI
10.31857/S032150750025673-2
Publication type
Article
Status
Published
Authors
Elena S. Burova 
ORCID: 0000-0003-1047-2573
Occupation: Research Fellow, Institute of China and contemporary Asia, Russian Academy of Sciences
Affiliation: Institute of China and contemporary Asia, Russian Academy of Sciences
Address: Russian Federation, Moscow
Edition
Issue 9
Pages
45-52
Abstract

In the relatively recent past, Cambodia was associated with poverty, political instability and conflicts. Before COVID-19, it achieved accelerated economic growth rates that were significantly higher than the world average, a significant increase in GDP and GDP per capita. Cambodia has become one of the fastest growing economies in the world. But the pandemic exposed the bottlenecks of the economic development model.

The article analyzes the features of economic transformation in Cambodia, sources of growth, constraints and threats. The author comes to the conclusion that the economic model is extremely unbalanced. The country becomes dependent on the markets for a certain narrow range of goods and their conjuncture on world markets. Thus, economic modernization leads to very rapid but ultimately unsustainable economic progress.

Keywords
Cambodia, economic transformation, economic growth, economic model, sources of economic growth, productivity, economic efficiency
Received
23.05.2023
Date of publication
25.09.2023
Number of purchasers
12
Views
333
Readers community rating
0.0 (0 votes)
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References

1. Bektimirova N.N. 2022. The Kingdom of Cambodia: dynamics of political development in the XXI century. Moscow. (In Russ.). 548 p.

2. Bektimirova N.N. 2019. Gazing into the past: on the 40th anniversary of the toppling of the khmer rouge regime in Cambodia. The Russian Journal of Vietnamese Studies. Series 2. Pp. 55–65. (In Russ.)

3. Burova E.S. 2021. Impact of the COVID-19 on Cambodia’s economic development. East Asia: Facts and Analytics. Р. 46–52. (In Russ.). DOI: 10.24412/2686-7702-2021-4-46-52

4. Siphat Lim. 2020. The Effect of Export on Economic Growth in Cambodia: Policy Formulation. Journal of Accounting, Finance, Economics, and Social Sciences. Vol. 5, № 2, July–December. Pp. 10–20.

5. Sereyvath Ky, Siphat Lim. 2020. Macroeconomic Policies and Economic Growth of Cambodia during the COVID-19 Era. Journal of Accounting, Finance, Economics, and Social Sciences. Vol. 5, № 1, January–June, pp. 100–108.

6. The World Bank. Resilient development. A strategy to diversify Cambodia’s growth model. Cambodia country economic memorandum. 2021. 105 p.

7. Cunningham W., Hollweg C. 2019. Cambodia’s Future Jobs; Cambodia’s Future Jobs: Linking to the Economy of Tomorrow. World Bank, Phnom Penh. 46 p.

8. Lewis W.A. Economic Development with Unlimited Supplies of Labor. The Manchester School, 22(2) (1954), pp. 139–191.

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