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publication May 29, 2020

Cambodia in the Time of COVID-19: Economic Update, May 2020

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  • The three most affected sectors—tourism, manufacturing exports, and construction—contributed more than 70 percent of growth and 39.4 percent of total paid employment in 2019.
  • Poverty could increase between 3 and 11 percentage points from a 50 percent income loss that lasts for six months for households engaged in tourism, wholesale and retail trade, garment, construction, or manufacturing.
  • The fiscal deficit could reach its highest level in 22 years, and public debt is expected rise to 35 percent of gross domestic product (GDP) by 2022.
  • The authorities have introduced emergency measures to contain the outbreak and provide fiscal assistance to affected households, workers, and enterprises.
  • To facilitate a robust recovery, the government will need to continue to ensure macroeconomic and financial sector stability and accelerate trade and investment reforms as well as encouraging faster adoption of digital technologies.