Cambodia: 2021 Article IV Consultation-Press Release; and Staff Report

2021 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2021 Issue 260

Publication date: December 2021

ISBN: 9781616355944

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , IMF-World Bank FSAP mission , policy setting , IMF's transparency policy , Policy discussion , burden indicator , Stress testing , Debt sustainability analysis , Loans , Asia and Pacific , Europe

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Summary

The rapid spread of the virus in Cambodia during 2021 has set the economy back again, after external demand collapsed in 2020. The authorities responded to the crisis with measures to support households and firms, including increased healthcare spending; a new system of cash transfers to vulnerable households; loans and guarantees; tax breaks; and wage subsidies and retraining. Despite these measures, growth is estimated to have contracted by -3.1 percent in 2020. Growth in 2021 is expected to be 2.2 percent, slowly recovering to pre-crisis rates of around 6½ percent.