Washington
07 March 2008
With the US economy in decline and Vietnam a member of the World Trade Organization, a leading economist warned Thursday the government must diversify its economic activity.
Chab Sotharith, executive director of the Cambodian Institute for Cooperation and Peace, said Cambodia must pay attention to the US economy and other potential hazards.
The US, Cambodia's top buyer of garment exports, could be facing a recession, having spent much money on a costly war in Iraq and facing a housing market plunge, Chab Sotharith said Thursday, as a guest on "Hello VOA."
Cambodia's economy, meanwhile, which is held up by tourism, garments, construction and agriculture, has seen much growth in recent years, he said.
Chab Sotharith, executive director of the Cambodian Institute for Cooperation and Peace, said Cambodia must pay attention to the US economy and other potential hazards.
The US, Cambodia's top buyer of garment exports, could be facing a recession, having spent much money on a costly war in Iraq and facing a housing market plunge, Chab Sotharith said Thursday, as a guest on "Hello VOA."
Cambodia's economy, meanwhile, which is held up by tourism, garments, construction and agriculture, has seen much growth in recent years, he said.
4 comments:
I disagree. I don't think the US recession will affected us much because we are not producing luxury and designer clothing. The stuff we made are necessary stuff, and we made it affordable to consumer and they will needed it. They are not going to walk around shoes-less or naked.
However, nonetheless, it is vitally important that we diversify all trades. I know we have been trying, and I am still waiting to see more growth in the organic farming sector.
You disagree because you are so dumb to know.
The US, Cambodia's top buyer of garment exports, could be facing a recession, having spent much money on a costly war in Iraq and facing a housing market plunge, Chab Sotharith said Thursday, as a guest on "Hello VOA."
US housing market plunge is because the sub-prime loans which are grossly mismanaged by the financial institutes [lend money to people without any proper considerations whether people can make any repayment]. Beside, the US federal reserve has stepped in many times [cutting rate] to stabilize its national economy.
US is not in recession at this stage
Okay, then how much time do you think we have to prepare for the catastrophe?
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