Addressing Climate Change Impacts on Economic Growth in Cambodia
Oct 9, 2019
Cambodia has made a remarkable achievement of sustaining a robust and inclusive economic growth of around 7.9% per annum over the last two decades. The rapid growth has substantially contributed to the acceleration of the living standard and the huge reduction of poverty from 53% in 2004 to 13.5% in 2014, and to around 10% in 2018. Based on this achievement, the Royal Government of Cambodia (RGC) has set long term vision to transform Cambodia into an Upper Middle-Income Country (UMIC) by 2030 and High-Income Country (HIC) by 2050.
To realize this vision, RGC has planned and implemented various policies and strategies, under the framework of the Rectangular Strategy Phase-IV the key national guiding policy instrument. Under the Rectangular Strategy Phase-IV, the first key strategic goal of the Royal Government of Cambodia is to ensure a sustainable growth resilient to negative shocks. This requires a strong attention to the global and regional climate change issues, particularly to the country’s vulnerability to climate change. As a result, the Royal Government of Cambodia regards climate change mitigation and adaptation as one of the key priorities. Accordingly, enhancing institutional capability to analyze the specific effects of climate change, quantify its projected impact on socio-economic development and construct concerted strategies and policy options to minimize the negative impact on economy is of critical importance for all stakeholders, especially concerned government agencies and development partners.