Pailin (Cambodia). 19/01/2008: Cassava roots harvest. Even if the agricultural sector seems to be less hit by recession, the prices of some products, like cassava root, are getting lower. (Photo: John Vink/ Magnum)12-03-2009
By Laurent Le Gouanvic
Ka-set
After economic growth soared into record double-figures, one may wonder whether Cambodian economy is about to suffer its first recession in 2009. This is what economists at the International Monetary Fund (IMF) fear in their conclusion released on March 6th after having carried out a week-long mission in Cambodia to assess the impact of the crisis on the Kingdom. Although they might be alarmist, the many revisions made to economic growth predictions [see also ‘Spotted on the Web’ 24/02/2009] were until now rather weighted by recommendations emphasizing the assets of the small Asian state. This time, discussions became slightly heated and experts at the IMF confessed it straight out: they will not answer for any prediction from now on as there is increasing uncertainty as to the future of Cambodia’s economy. Facing the situation, the few recommendations issued by the IMF or the Asian Development Bank (ADB), who held a forum at the beginning of this week in Manila, seem, above all, to show the helplessness felt by many developing countries such as Cambodia.
Recession: a word and an evil that were still unknown yesterday
“Recession”. Who would have thought that only a few months ago, the word would appear in the Cambodian economic language, which focused until now on “growth”, “development” and “expansion”? The team of IMF experts came especially from Washington to visit Cambodia from February 25th through March 4th and took care of not using that particular scary term, but the conclusion they reached is no less explicit: according to the team’s projections, the Cambodian Gross Domestic Product (GDP) should fall by about 0.5% in 2009, compared with the previous year’s GDP.
Recession: a word and an evil that were still unknown yesterday
“Recession”. Who would have thought that only a few months ago, the word would appear in the Cambodian economic language, which focused until now on “growth”, “development” and “expansion”? The team of IMF experts came especially from Washington to visit Cambodia from February 25th through March 4th and took care of not using that particular scary term, but the conclusion they reached is no less explicit: according to the team’s projections, the Cambodian Gross Domestic Product (GDP) should fall by about 0.5% in 2009, compared with the previous year’s GDP.
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1 comment:
KI, just so you know, pointing fingers at anyone won't help solve any problem. Don't call yourself contributive to Cambodian progress because you are not doing anything constructive except pointing out the obvious that even a 5 years old already knew.
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