By Taing Sarada, VOA Khmer
Original report from Washington
17 December 2008
As the global economy continues to worsen, vendors in Cambodia say their daily business has begun to suffer.
At the Red Moon restaurant, behind the Hotel Inter-Continental on Mao Tse Toung Boulevard, owner Nhem Sothear lamented the fall in his guest numbers.
“I’ve seen a 20 percent to 30 percent reduction from the rate before,” he said recently. “Before, they used to spend $100; now they spend only $80 to $70, or $50. It’s not so negative, it’s still positive, but it’s only at a small level. We used to make a good income, but now it is not so much.”
Sot Visal, general manager for the Phnom Khmer restaurant, near Silep market, said the economic downturn was costing him 30 percent to 40 percent of his customers, while some restaurants have closed altogether or are reducing staff.
“When the world has a bad economic crisis like that, we lose a lot of our clients,” he said.
A woman named Angeli, at a clothing store called “I Love You,” said customers had started asking for cheap clothes, rather than worrying about high quality.
“Most of my clients are very reluctant with the price,” she said, noting that her store had just opened. “They want cheap clothes but of poor quality.”
The worsening consumer climate in Cambodia is echoing that in other countries, especially America, following the collapse of the housing and subprime lending markets.
Economist Sok Sina said the downturn was hurting Cambodia’s economic growth rate, dropping it from a high of 13 percent in 2006 to between a projected 4 percent and 6 percent in 2009.
“Cambodia’s economy mainly depends on industry, agriculture and service,” he said. “If the countries in the West, Europe and Asia meet an economic crisis, they will reduce their spending on food, clothes and tourism. These factors can hurt Cambodia’s economy.”
At the Red Moon restaurant, behind the Hotel Inter-Continental on Mao Tse Toung Boulevard, owner Nhem Sothear lamented the fall in his guest numbers.
“I’ve seen a 20 percent to 30 percent reduction from the rate before,” he said recently. “Before, they used to spend $100; now they spend only $80 to $70, or $50. It’s not so negative, it’s still positive, but it’s only at a small level. We used to make a good income, but now it is not so much.”
Sot Visal, general manager for the Phnom Khmer restaurant, near Silep market, said the economic downturn was costing him 30 percent to 40 percent of his customers, while some restaurants have closed altogether or are reducing staff.
“When the world has a bad economic crisis like that, we lose a lot of our clients,” he said.
A woman named Angeli, at a clothing store called “I Love You,” said customers had started asking for cheap clothes, rather than worrying about high quality.
“Most of my clients are very reluctant with the price,” she said, noting that her store had just opened. “They want cheap clothes but of poor quality.”
The worsening consumer climate in Cambodia is echoing that in other countries, especially America, following the collapse of the housing and subprime lending markets.
Economist Sok Sina said the downturn was hurting Cambodia’s economic growth rate, dropping it from a high of 13 percent in 2006 to between a projected 4 percent and 6 percent in 2009.
“Cambodia’s economy mainly depends on industry, agriculture and service,” he said. “If the countries in the West, Europe and Asia meet an economic crisis, they will reduce their spending on food, clothes and tourism. These factors can hurt Cambodia’s economy.”
13 comments:
Do mair mey konchar!!!!! ahn tha koos!
Another point they missed out is the revenues gained from the land sale materialised prior to the crisis. Many Cambodia have enjoyed mega profits from land trading, especially early 2008. To my knowledge the major land purchasers were from South Korean and China, whose their nations have been impacted severely from the current financial crisis. Simply saying, they are unable bringing further cash into Cambodia, so the flow of cash is idle.
However, Cambodia is not going to suffer as much as others expected as the revenue from illegal drug production is likely to be increased. It is no doubt that the late big buck earners loose their incomes from land trading. So in order to survive (for their karaoke entertainment nightly, their household expenses, their children oversea education, extra wives and mistresses), they might need to switch to other fast money business, and of course the drug producer would become their next career.
Watch out Westerners!
Who is going to believe ah kwak Hun Sen. His PhD degree without study
It just likes a piece of toilet paper to me.
Who care a small mice? Is they can swim across the continence to sell their home made drugs go a head have a nice dream with our new airport securities systems. try it
No big deal, our neighbors will help us out of the wood in no time.
REMEMBER PREAH VIHEAR............WAKE UP HUNSEN
REMEMBER PREAH VIHEAR............WAKE UP HUNSEN
REMEMBER PREAH VIHEAR............WAKE UP HUNSEN
REMEMBER PREAH VIHEAR............WAKE UP HUNSEN
REMEMBER PREAH VIHEAR............WAKE UP HUNSEN
REMEMBER PREAH VIHEAR............WAKE UP HUNSEN
CAMBODIA MUST SEEK UN SECURITY COUNCIL FOR HELP!!!
CAMBODIA MUST INFORM WORLD COURT ABOUT THAILAND'S VIOLATION OF THE 1962 ICJ DECISION ON PREAH VIHEAR.
CAMBODIA MUST NOT WASTE ANY MORE TIME...PROLONGING THAI OCCUPATION OF 4.6 KM2 OF PREAH VIHEAR AREA = LOST OF TERRITORY!!
WAKE UP HUN SEN!!!!!
KHMER PEOPLE MUST UNITE AND EXPELL ALL FOREIGNERS OUT OF CAMBODIA.
LAND THAT THAI STOLE FROM CAMBODIA IN BROAD DAY LIGHT = PREAH VIHEAR, POIPET, TA MOAN, TA KRABEI...PROTEST GOOGLE, WIKIPEDIA ONLINE SATELLITE MAP TO COMPLY WITH 1904-07 FRANCO-SIAMESE TREATY AND UN MAP, NOT THAI-MADE MAP!!!
Every leader has been always trying to tell upbeat good news or at least assure words to his/her citizens.
BUSH repeatedly told Americain people that , " US economic is fundamentally strong, Look at the reality of US econimic situation now in USA."
Post a Comment