Features of Cambodia’s Economic Transformation: Achievements and Failures

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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.

About the authors

Elena S. Burova

Institute of China and contemporary Asia, Russian Academy of Sciences

Russian Federation, Moscow

References

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