World Bank - Cambodia Economic Update May 2023

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armchairlawyer
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Cambodia

World Bank - Cambodia Economic Update May 2023

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Contents page gives you a good idea of what they are saying in their 64 page report

Part 1: Recent Economic Developments and Outlook 1
Executive Summary 1
Recent developments 6
Pent-up consumer demand boosted the services sector 6
Cambodia’s goods exports started contracting in recent months 7
The decline in goods exports to the U.S. and EU markets accounted for 9
95 percent of total decline
The total investment amount of approved FDI projects slowed 10
Construction permits rose for the first time since 2019 12
The recovery of tourism activity is picking up speed 13
Agricultural GDP is estimated to have marginally increased 15
Agricultural export performance improved 16
Consumption strengthened, driven by pent-up consumer demand 17
Inflation has significantly eased, returning to pre-shock levels 17
The current account balance improved as the oil price shock eased 18
Broad money growth continued to decelerate 19
Credit growth slowed signficantly, but concentration of credit in 19
real estate remained
Pressure on domestic interest rates continued 20
The banking system remained resilient 21
Domestic revenue fully recovered and continued to increase 21
Despite fiscal consolidation efforts, budget expenditure marginally increased 22
The across-the-board public sector wage increase is reintroduced 23
Last year’s fiscal deficit is estimated to have narrowed to 4.7 percent of GDP 24
Public debt stock reached 33.7 percent of GDP, of which 99.8 percent is 24
public external debt
Part 2: Special focus 29
From spending more to spending better – Toward improved human 29
development outcomes
Introduction 29
Expanded public spending supported by strong domestic revenue 30
Availability of fiscal space enabled higher spending, especially in social sectors 31
After a decade of compensation reform and salary increases, the average 32
public sector wage now exceeds the average private sector wage
Education spending increased but has yet to translate into better 36
learning outcomes
Public health policy effectiveness is limited by low public health spending, 41
low utilization rates of public health facilities, and high levels of
out-of-pocket spending

https://documents1.worldbank.org/curate ... f3ff7b.pdf
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