Kong Chandararoth, president of the Cambodian Institute of Economic Study and Development.By VOA Khmer, Reporters
Reports from Phnom Penh & Washington
28 April 2009
Cambodia’s four main economic drivers have sustained multi-million dollar losses so far this year, despite insulation from the financial markets, a leading economist said Monday.
A report released by the International Labor Organization released Monday shows losses of $280 million in garments, $260 million in tourism, $180 million in agriculture and $45 million in construction.
Despite those losses, Cambodia remains somewhat insulated from the global financial crisis, said Kong Chandararoth, president of the Cambodian Institute of Economic Study and Development.
“Our country is not close to the financial market, so that does not have an impact as serious as other countries,” he said, as a guest on “Hello VOA.”
Cambodia’s agriculture has also made the global financial downturn easier that industrialized countries, he said.
Organizations like the International Monetary Fund and Asian Development Bank have warned that Cambodia’s economy will shrink this year, thanks to the financial crisis.
However, Kong Chandararoth said such predictions were “too dark about Cambodia,” and he predicted economic growth around 5 percent for 2009.
Cambodia’s situation is further different from other countries, he said, because it does not have a stock exchange or other financial markets, which have been hard-hit by the collapse of the US financial market.
Meanwhile, the government has prepared a package to restore the economy, including tax exemptions, tourism promotion, and help for construction, agriculture, garment factories and other investments.
The government announced Tuesday it will release $25 million to the agriculture and garment sectors, in an effort to mitigate the effects of the global downturn.
The money—$18 million to agriculture and $7 million to garments—will be used to increase farm production and help train people who have lost their jobs thanks to the slowdown.
Government officials made the announcement during the semi-annual donors meeting on Tuesday.
A report released by the International Labor Organization released Monday shows losses of $280 million in garments, $260 million in tourism, $180 million in agriculture and $45 million in construction.
Despite those losses, Cambodia remains somewhat insulated from the global financial crisis, said Kong Chandararoth, president of the Cambodian Institute of Economic Study and Development.
“Our country is not close to the financial market, so that does not have an impact as serious as other countries,” he said, as a guest on “Hello VOA.”
Cambodia’s agriculture has also made the global financial downturn easier that industrialized countries, he said.
Organizations like the International Monetary Fund and Asian Development Bank have warned that Cambodia’s economy will shrink this year, thanks to the financial crisis.
However, Kong Chandararoth said such predictions were “too dark about Cambodia,” and he predicted economic growth around 5 percent for 2009.
Cambodia’s situation is further different from other countries, he said, because it does not have a stock exchange or other financial markets, which have been hard-hit by the collapse of the US financial market.
Meanwhile, the government has prepared a package to restore the economy, including tax exemptions, tourism promotion, and help for construction, agriculture, garment factories and other investments.
The government announced Tuesday it will release $25 million to the agriculture and garment sectors, in an effort to mitigate the effects of the global downturn.
The money—$18 million to agriculture and $7 million to garments—will be used to increase farm production and help train people who have lost their jobs thanks to the slowdown.
Government officials made the announcement during the semi-annual donors meeting on Tuesday.
7 comments:
hey, learn from mrs. hilary clinton. it takes a village to raise the family, meaning be proactive and don't sit and wait only for one person to do the work, everybody can help to contribute to the changes in cambodia. yes, do demand better way and reforms in cambodia, that how cambodia will improve. two wrongs don't make it right, you know. only when people demand changes and reforms will things improve for the better in cambodia. so, everybody can help; please don't procrastinate or wait for other to get things started, we all can do our parts to help. thank you and god bless cambodia.
Kong Chandararoth has a funny way to define the word "insulation". 280+260+180+40=765 or about 8% or 9% of Cambodian GDP. Consider also the volocity of $765 multiple through the economy.
Just because Cambodian banks do not have the same problems as foreign banks with CDS and other derivatives, it does not mean insulation. Does Kong Chandararoth hears the capital outflow leaving the country?
Bravo, Bravo,
But the sad and evident fact is that we are poor country and 80% of poor people are so poor they have nothing more to lose.
The western capitalistic economic model are very flaw. They cannot see anything anymore. If we use the same model of thinking and analysing and predicting. forecasting, you will be bankrupted before any other countries.
Dear Cambodians, be ready to feel more shocks to come.
Should cry out now for God Help before it is too late.
How prideful and arrogant we are!!! we do not even know that pride come before any destruction.
Pray only what is said for bad news will be false.
Why blame dirt poor Cambodian people when the blame should fall on the incompetent Cambodian leaders who fail to realize how serious Cambodian economy has become when these Cambodian leaders have all the data in their hand to make the right decision to save Cambodian economy and yet they fail to act and still sit on their hand and do nothing!
God play no role in Cambodian people drama and if there is a God out there somewhat and there would be divine intervention and Cambodia wouldn't be such a fuck country in the first place!
That blind mad dog just said it. He knows nothing about the economic crises means, and he does not care even if 95% of Khmer people are poor, because he's not the one who suffers. The people's suffering does not have anything to do with him. What a dog is he!
You mother fucker swines that stole hundred of million not affect of any thing! How about those with out job and famer that can not sole their products?
Fuck you stupid PhD fro motherfucker Vietname Hanoi!
All dogs who bark on behalf of their government are the rich; they have never felt what hunger is like. Hun Sen fed them real good.
Post a Comment