Cambodia: Rapid Growth with Institutional Constraints

Hal Hill and Jayant Menon ()

No 331, ADB Economics Working Paper Series from Asian Development Bank

Abstract: This paper examines Cambodia’s socioeconomic development since the early 1990s peace settlement. The country’s economic growth has arguably been the fastest among post-conflict societies, driven by the credible restoration of peace and security, large public and private capital inflows, economic openness, reasonably prudent macroeconomic management, and a dynamic, integrating neighborhood. A legacy of history and small size is that the government has limited policy space, although this has not necessarily retarded economic development. We also highlight some key challenges, including rising inequality, uneven spatial development, weak institutions, and high levels of corruption. Looking forward, we highlight the importance of strengthening supply side capabilities, broadening the benefits of growth, and developing stronger institutions and property rights.

Keywords: Cambodia; transition economies; economic growth; institutions; conflict (search for similar items in EconPapers)
JEL-codes: E02 F63 O53 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2013-01-31
Note: http://www.adb.org/sites/default/files/pub/2013/economics-wp331-cambodia-rapid-growth.pdf
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Citations: View citations in EconPapers (12)

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