Recent Development and Economic Outlook
The UN’s assessment suggests that Cambodia is one of the top five countries that have made significant progress toward meeting its MDGs by 2015. The poverty rate has dropped dramatically from 47.50 percent in 1993 to 34.70 percent in 2004 and 23 percent in 2011, due to ongoing reforms that promote inclusive growth and employment creation. The recently published Doing Business 2013 also shows an improvement in the business climate as Cambodia moves to rank number 133 in 2013, up from 141 in 2012. … The implementation of the 2012 Budget Law has been strong with the fiscal deficit projected to drop from 8.16 percent of GDP in 2011 to 5.79 percent GDP in 2012, due to a 3.20 percent increase in revenue collection and 1.86 percent decrease in expenditures. … The Cambodia Economy continues to perform well in 2012 supported by the robust export and tourism growth, and rebound in construction activity. While the medium-term outlook is favorable, more needs to be done to ensure the achievement of MDGs by 2015 and the improvement of the standard of living there. …
