Cambodia is poised to join a new generation of Asian frontier economies transitioning from low-income to emerging-market. But the path to greater and more shared prosperity requires a solid foundation of sound macroeconomic policies, enabling new growth drivers, tackling a highly dollarized and fragmented financial system, and creating more fiscal policy space to help meet Cambodia’s vast development needs. This book first takes a closer look at the key economic challenges Cambodia faces at the current juncture, highlighting Cambodia’s structural and financial constraints to growth as well as shifting vulnerabilities as Asia rebalances. It then lays out how a strategy of fiscal and financial sector policies, from creating a fairer and more buoyant tax system to modernizing financial instruments, markets and supervision, can help mobilize the resources and tools needed for one of Asia’s youngest and fastest-growing populations to enjoy more self-sustaining and inclusive growth.
In most parts of the world, people are healthier and living longer, thanks to improved health services and living conditions and the more widespread use of immunization, antibiotics, and better contraceptives. Although this trend is likely to continue, hopes are fading in some regions where progress slowed or stopped in the 1990s, primarily as a result of the AIDS epidemic. Indeed, life expectancy in sub-Saharan Africa declined from 50 to 46 years between 1990 and 2001. Moreover, most regions of the developing world will not, at the current pace, reach the Millennium Development Goals for health by 2015—including reducing child and maternal mortality and combating HIV/AIDS, malaria, and other diseases. Here, we give a snapshot of changes in the world’s health and demographic conditions, and, in the following pages, four articles explore the importance of good health for economic development.