Original report from Washington
09 February 2009
The International Monetary Fund forecasts that the world economy will recover by 2009 in some countries and 2010 in others. It also says that aid-dependent Cambodia will have only 4 percent economic growth in 2009.
The IMF said that the world economic crisis projects negatively in advance economies with -2 percent and some growth in emerging economies around 3.3 per cent. Those figures are the lowest the world has experienced in the post-war period.
Dominique Strauss-Kahn, Managing Director of the IMF, said: “We expect some recovery at the beginning of 2010; for some countries, end of 2009. Of course, those forecasts are very uncertain, and it depends a lot upon the policy which may be implemented today and in the coming months.”
Strauss-Kahn said that two factors will contribute to the recovery: the global economy, led by the US economy, and the European economy. Another factor is the big stimulus, both on the monetary side and fiscal side, being implemented by major Asian countries.
Hang Chuon Naron, Secretary General of the Supreme National Economic Council, said that the government of Cambodia has put in place some preventive measures, including extending a 2006 profit tax exemption for garment sector and focusing on building infrastructure as well as increase spending on some priority areas.
“We will do our best to ensure between 4 to 5 percent economic growth,” Hang Chuon Naron said. If we cannot go up to 7 percent, 5 percent is still high. Reaching 5 percent will be our great achievement.”
Cambodia still depends on international assistance for its development projects. In 2008 development partners pledged nearly one billion dollars.
“One thing that is very important and interesting in the Cambodian case is that they had rather high growth last year, but it was the first time for a very long period. So for political reasons, historical reasons, growth had been rather low, and then they had a very strong increase…and then this increase and this recovery has just been destroyed by the crisis,” said Strauss-Kahn warning that donors’ countries being in crisis making their willingness to help and the amount which can be used for foreign aid will decrease.
Kang Chandararoth, an economic analyst and head of the Cambodia Institute of Development Study, said Cambodia’s economic growth depends also on its investment partners.
“Whether Cambodia is out of economic recession or not depends on our economic partners,” he said. “Firstly, it is the United States that is our exporting partner. Secondly it is the recovery of our main investors, like South Korea, China and other Asian countries.”
Cambodia’s economic growth hit 7 percent in 2007.
The IMF said that the world economic crisis projects negatively in advance economies with -2 percent and some growth in emerging economies around 3.3 per cent. Those figures are the lowest the world has experienced in the post-war period.
Dominique Strauss-Kahn, Managing Director of the IMF, said: “We expect some recovery at the beginning of 2010; for some countries, end of 2009. Of course, those forecasts are very uncertain, and it depends a lot upon the policy which may be implemented today and in the coming months.”
Strauss-Kahn said that two factors will contribute to the recovery: the global economy, led by the US economy, and the European economy. Another factor is the big stimulus, both on the monetary side and fiscal side, being implemented by major Asian countries.
Hang Chuon Naron, Secretary General of the Supreme National Economic Council, said that the government of Cambodia has put in place some preventive measures, including extending a 2006 profit tax exemption for garment sector and focusing on building infrastructure as well as increase spending on some priority areas.
“We will do our best to ensure between 4 to 5 percent economic growth,” Hang Chuon Naron said. If we cannot go up to 7 percent, 5 percent is still high. Reaching 5 percent will be our great achievement.”
Cambodia still depends on international assistance for its development projects. In 2008 development partners pledged nearly one billion dollars.
“One thing that is very important and interesting in the Cambodian case is that they had rather high growth last year, but it was the first time for a very long period. So for political reasons, historical reasons, growth had been rather low, and then they had a very strong increase…and then this increase and this recovery has just been destroyed by the crisis,” said Strauss-Kahn warning that donors’ countries being in crisis making their willingness to help and the amount which can be used for foreign aid will decrease.
Kang Chandararoth, an economic analyst and head of the Cambodia Institute of Development Study, said Cambodia’s economic growth depends also on its investment partners.
“Whether Cambodia is out of economic recession or not depends on our economic partners,” he said. “Firstly, it is the United States that is our exporting partner. Secondly it is the recovery of our main investors, like South Korea, China and other Asian countries.”
Cambodia’s economic growth hit 7 percent in 2007.
19 comments:
Good blog.
Portugal
Oh ... not too worry everything are going to the right direction with a fake PHD HUN SEN as a leader .. LMAO
Hun Sen's projection on his economic plan -- a double digit growth for '09! Hun Sen can make it comes true. For Sale signs gone up everywhere in Cambodia.
50%+1 = PM can do whatever he like.
No one can tell this autocrat what to do any more because the PhD from communist Hanoi is more than enough to keep the tyrant being preached by the west.
Mind your own business! Just be ready to give us more money when it’s time for us to beg again.
It’s just trying to tame a wild lion to cope with a domestic one.
Can you just not blame the governemt for everything? It's not the government alone who can do to restore the economy. It's each and everyone of us who need to be in charge. Perhaps, you need to realize this: if you do sth, you'll be judged as right or wrong, but if you don't do anything, you'll always think you're right.
Stop and ask yourself what have you done for your country before you blame your own government. Look! now our economy's in a hard time, so please give your suggestions how to cope with the crisis rather than posting your cursing comments.
Get that freaking one-eyed gangster Viet slave by the name of HUN SEN out of there first, then we'll talk, okay?
I can tell you folks this -- Hun Sen's economy prediction is that in the next 5 years economy will growth to near triple digits, 99.99% of Khmers will be landless and evicted!
8:24 AM , that is ABBBsolutely right .. AH JKORT 7:35 AM , we allway try to tell your stupit leader HUN SEN , but he not listioning .. this dog only listion to it master Youn HANOI .. got the point , DICK head..
Oh shut the fuck up, Ah George Washington's potato diggers! No one wants to hear from loser like you. You got that?
Don’t worry about Cambodia. Yuon is watching Cambodia dealing with thai over Preah Vihear or behind driving force in negotiation.
If Cambodia cannot defend its territory, Yuon will offer help to push thai back from Cambodia. Then a portion of land on the east side will be compensating for Yuon’s assistant. Little by little Cambodia will be wiped out from the face of the earth and people become a stateless.
True, and that is why Cambodia must stop invading Khmer on the mountain and try to steal their lands and temple from them.
you leech Viet slave 8:38 AM, go eat shit and die!
Any suggestions who should be the next PM if all of you don't trust on the current one?
Hun Sen of course.
Though the CPP hasn't done good enough, there's no other whom I believe would do better. Some of them can't even control their own party.
The problem is not that the CPP cannot be defeated by any mean. If Sihanouk is allowed to run in the election, he will win with a landslide, without much complaining, crying or whining like a bunch of kids. The problem is the opposition doesn't know what they are doing. So who fault is that?
2:53 PM, No wonder why you are a dumb ass, dumb ass!
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