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C ambodia: Rapid Growth with Weak Institutions
Author(s) -
Hill Hal,
Me Jayant
Publication year - 2013
Publication title -
asian economic policy review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.58
H-Index - 20
eISSN - 1748-3131
pISSN - 1832-8105
DOI - 10.1111/aepr.12003
Subject(s) - economics , openness to experience , language change , property rights , government (linguistics) , development economics , inequality , capital (architecture) , settlement (finance) , economic system , finance , psychology , social psychology , art , linguistics , philosophy , mathematical analysis , literature , mathematics , archaeology , payment , history , microeconomics
This paper examines C ambodia'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.