SIEM REAP, Feb 16 (Bernama) -- Cambodia will face more challenges in the upcoming decade and feel much harder to revitalize its economic glory of the past 10 years, said the Economic Conferences in a press release here on Monday.
"The next 10 years will be more challenging for Cambodia than the past decade, and economic growth is unlikely to be as strong," Xinhua news agency quoted the release, as saying.
The press release was issued prior to the opening of the one-day Business Roundtable hosted by the group to discuss ways for the kingdom to secure economic development.
"The outlook for 2009 and beyond looks far less promising. With the world in the midst of a deepening recession, Cambodia's economy will not escape unscathed," said Charles Goddard, editorial director of the Economist Intelligence Unit, which, like the Economic Conferences, belongs to the Economist Group, publisher of The Economist magazine.
The Economist Intelligence Unit is now forecasting that the gross domestic products (GDP) growth of Cambodia will slow from 5 percent in 2008 to around 1 percent in 2009, as its pillar industries such as garment, construction and real estate, as well as tourism will be hit by the global downturn, said the release.
"Trying to navigate this less favorable environment will throw up serious challenges for the government in the short term, not least how it should adjust fiscal policy to keep the economy growing," said Justin Wood, Southeast Asia expert at the Economist Intelligence Unit.
"The medium- and long-term challenges are just as great. Having relied heavily on 4 sectors of the economy, namely agriculture, garment, construction and tourism, to drive recent growth, the government needs to help the economy diversify," he said.
"Equally, the financial system needs to be strengthened, investment into areas like infrastructure needs to be raised, the monetary and macro-economic framework needs to be upgraded, and the management of the country's resources needs to be improved, especially its human capital through education," he added.
"With the right policies, the country does present exciting opportunities for foreign investors," the press release concluded.
Cambodia has just enjoyed a decade of blistering growth, more than doubling its per capita GDP between 1998 and 2007, thanks to political stability, deepening integration into the global trade and investment community and improved macro-economic management, according to the Economist Conferences.
"The next 10 years will be more challenging for Cambodia than the past decade, and economic growth is unlikely to be as strong," Xinhua news agency quoted the release, as saying.
The press release was issued prior to the opening of the one-day Business Roundtable hosted by the group to discuss ways for the kingdom to secure economic development.
"The outlook for 2009 and beyond looks far less promising. With the world in the midst of a deepening recession, Cambodia's economy will not escape unscathed," said Charles Goddard, editorial director of the Economist Intelligence Unit, which, like the Economic Conferences, belongs to the Economist Group, publisher of The Economist magazine.
The Economist Intelligence Unit is now forecasting that the gross domestic products (GDP) growth of Cambodia will slow from 5 percent in 2008 to around 1 percent in 2009, as its pillar industries such as garment, construction and real estate, as well as tourism will be hit by the global downturn, said the release.
"Trying to navigate this less favorable environment will throw up serious challenges for the government in the short term, not least how it should adjust fiscal policy to keep the economy growing," said Justin Wood, Southeast Asia expert at the Economist Intelligence Unit.
"The medium- and long-term challenges are just as great. Having relied heavily on 4 sectors of the economy, namely agriculture, garment, construction and tourism, to drive recent growth, the government needs to help the economy diversify," he said.
"Equally, the financial system needs to be strengthened, investment into areas like infrastructure needs to be raised, the monetary and macro-economic framework needs to be upgraded, and the management of the country's resources needs to be improved, especially its human capital through education," he added.
"With the right policies, the country does present exciting opportunities for foreign investors," the press release concluded.
Cambodia has just enjoyed a decade of blistering growth, more than doubling its per capita GDP between 1998 and 2007, thanks to political stability, deepening integration into the global trade and investment community and improved macro-economic management, according to the Economist Conferences.
4 comments:
អំណាច ដូចទឹកមូយថ្លុក បើមិនហូរ រលួយស្អុយទាល់រីង។
there can be no democracy when one family rule with friends and relative and then inter-married to create the ruling dynasty!
The local election which will be held in May will not make any different to the demand for decentralisation of power at all. Indeed that election will just a show and will still be manipulated by CPP to stranghten their power. To have fully decentralisation of power, all provincial governors and all communes candidates should be allowed only people outside political party to stand. Each provincial governor and each local government should have an independent administration from central government and their budget should be also collected independetly.
Each province should have three level of councilors.
-Provincials councilors who are working with Provincial Governor.
-City councilors who are working with City mayor.
-Community board who are working with district chef.
All of these local officials shouldn't work for the central government but they should concentrate with their local development and their local issues.
They should concentrate on their
-local roads
-Local drinking water
-local park, leasure centre, shopping centre, library, swimming pool,
-local drainage and sewage
-local environment
-local economy and local employment
-local security.
Their budget and their salaries should come from
-local building permit.
-local city rates
-Local fee
-Parking fee
THey shouldn't repeat central government job such;
-Police
-Army
-School
-Hospital
-government works such as National roads, central government department officials.
-Courts
They are all employees of central government.
Areak Prey
There is no obstacle is too big for PM Hun Sen to overcome. PM (The Tevada from heaven) will succeeded.
I think any government would be the same because the economic turndown affects almost all countries in the world. This news does not make sense to me. Just look at the US now, even a Harvard graduate, Obama need money to fix the economy.
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