In a global environment characterized by considerable uncertainties, this dimension reveals that growth is very fragile and dependent on the global environment. Growth outcomes have been largely dependent on the availability of foreign savings (see the negative correlation between growth and the current account deficit which suggest the supply of foreign savings has been a constraint, Figure 6).4 This highlights the importance of product and export diversification for sustaining growth and reducing these vulnerabilities to external shocks. Even encouraging achievements in the area of regulations and institutions are not always anchored in a long tradition of business in Cambodia, but rather often imported from other countries: this explains why several of these achievements are only de jure,not de facto. Finally, this dimension highlights that Cambodia went through a unique window of opportunity with the establishment of peace coinciding with a favorable external environment.