DPA
Phnom Penh - The Asian Development Bank has revised downward its prediction for Cambodia's gross domestic product this year, saying it now expects the kingdom's economy to shrink 1.5 per cent.
It had previously forecast modest growth for 2009.
In its update released Tuesday, the bank blamed worse-than-expected garment export figures, less construction activity and fewer tourism arrivals. Along with agriculture, these sectors make up the four pillars of Cambodia's economy.
However, the bank said it expected matters would improve next year, albeit at a much lower rate than the double-digit annual growth the country has enjoyed for much of this decade.
'Growth is projected to resume in 2010 at about 3.5 per cent as a gradual recovery in the global economy stimulates clothing exports and tourism,' the bank's Asian Development Outlook 2009 Update said. 'That should provide support for growth in incomes and consumption.'
The bank said the decline in construction was because of falling foreign direct investment in the sector, particularly from South Korea.
South Korean companies have invested heavily in Cambodia's property sector in recent years, helping to propel land prices to record highs and creating a bubble that burst last year.
The bank noted that local inflation had dropped faster than expected and ascribed the trend to lower food and oil prices internationally.
'The inflation rate for 2009 is now forecast at just 0.8 per cent, revised down,' the bank said. 'It is expected to quicken to about 5 per cent in 2010, reflecting higher prices for imported oil and the improvement in domestic demand.'
Tourism numbers were down 3 per cent through April although the bank said it expected arrivals to pick up later in 2009 in line with predictions from Cambodia's Tourism Ministry.
Imports dropped by 18.1 per cent in the first half of 2009 with exports down 10.3 per cent although the bank said the rate of decline in exports could slow.
It had previously forecast modest growth for 2009.
In its update released Tuesday, the bank blamed worse-than-expected garment export figures, less construction activity and fewer tourism arrivals. Along with agriculture, these sectors make up the four pillars of Cambodia's economy.
However, the bank said it expected matters would improve next year, albeit at a much lower rate than the double-digit annual growth the country has enjoyed for much of this decade.
'Growth is projected to resume in 2010 at about 3.5 per cent as a gradual recovery in the global economy stimulates clothing exports and tourism,' the bank's Asian Development Outlook 2009 Update said. 'That should provide support for growth in incomes and consumption.'
The bank said the decline in construction was because of falling foreign direct investment in the sector, particularly from South Korea.
South Korean companies have invested heavily in Cambodia's property sector in recent years, helping to propel land prices to record highs and creating a bubble that burst last year.
The bank noted that local inflation had dropped faster than expected and ascribed the trend to lower food and oil prices internationally.
'The inflation rate for 2009 is now forecast at just 0.8 per cent, revised down,' the bank said. 'It is expected to quicken to about 5 per cent in 2010, reflecting higher prices for imported oil and the improvement in domestic demand.'
Tourism numbers were down 3 per cent through April although the bank said it expected arrivals to pick up later in 2009 in line with predictions from Cambodia's Tourism Ministry.
Imports dropped by 18.1 per cent in the first half of 2009 with exports down 10.3 per cent although the bank said the rate of decline in exports could slow.
22 comments:
The Cambodian's economy will collapse in two years, followed by social unrest.
Bravo Ki-media and Gov't Opposition party!!
More Cambodia Economy decline ...More satisafy Ki-Media and Pro-oposition guy!!!!....Ohh Poor my Government and Khmer!! there are lot of anamie, they look like watch-dog, but not pro-activive dog..See! if Cambodia get more poor --they get more happiest....
Khmer
4:11 PM
I'm with you, asshole.
Yes, I want Cambodia to collapse and go back to stoneage, rather than live under the one-eyed leader.
Are you fucking happy now, asshole?
Moderate earthquake rattles northwest Myanmar
YANGON, Myanmar – A moderate 5.6-magnitude earthquake shook parts of northwestern Myanmar early Tuesday causing no casualties but damaging Buddhist temples believed to date to the 11th century, officials and residents said.
The moderate earthquake occurred just after 2 a.m. with the epicenter about 260 miles (418 kilometers) northwest of the commercial capital, Yangon, said Thein Htay, an official from the national Meteorological Department.
The quake was felt in several towns in the northwestern Magway Division, none of which are densely populated or have high-rise buildings, he said. There were no known casualties.
Residents reported damage to two ancient Buddhist temples in Ohn Pwetaw village and a pagoda in Yay Nan Chaung, saying the structures were believed to have been built in the 11th century and were known for their colorful frescoes.
The extent of the damage was not immediately known. The residents requested anonymity because of fears of speaking to reporters in the military-ruled country.
Posted by: CPP Traitor
the dickhead whos own ki-shit-media and its bitches want to see cambodia get destroy!!! watch out for what you dead brain people wishing for because it might return the favour to yourself. god bless cambodia!!!
A mong of you are blind eyes.Don't you see in Cambodia country rigth now motherfucker.So you fucking dump ass.All of you guys fucking asshole than your opposition party.
6:16 PM & 6:16 PM
Fuck to both of you!
What we see in Phnom Penh and other areas' develompment don't mean a thing to Cambodian people, you fucking asshole.
Fuck all of you who are with this fucking ruling party. All of you are deserved to be cursed by your gods. We don't know who the fuck is your gods are, and we're certain that Buddha is not your God.
Yes, fuck you and your leader.
6:21 PM Amen, There only one GOD.
The Tom Lanto Hearing on Human Rights, which included Ms. Mu among other as participant, is a none issue...
Mr. Tea Banh meeting with Mr. Gate (U.S. sec of Defense) is something Khmer should observe more in detail. This meeting and not Ms. Mu's meeting with Mrs. Clinton, will determine future Cambodia's politics and society.
America has taken an interest in Cambodia in America's strategy to contain China...militarily, economic..etc..
We... are back to 1960....people.
We need to be loyal to our neighbors and friend...
"Too many cooks spoil the broth" There plenty of PhDs, well-educated, millionairs, billionairs, Oknhas, generals; these people will help stabilize Cambodia's economy easily.
In contrary, Hun Sen's personal bodyguards just a waste to it. Their assinged duty is only to protect a dictator who is the head of all the corrupted body of the whole country, and there is where 2/5 of the national budget goes. Let's make a raw calculation: $300x3,000 bobyguards = 900,000/months. If we manage this money as supplimentary financial help to the elderly, we can get: $20/month:$900,000=45,000 people. If Cambodia has been ruled by a good leader, such a helpful system could have been established a long time ago.
But unfortunately the country has been ruled by a blind mad dog who has no sympathy, mercy, kindness, and compassion for the innocent poor; Therefore, all Khmers who love social justice, freedom, and democracy must unite and fight for a change. Down with the dictator. Up with the people!
To Ki-Media news, and all of you here very happy to see Cambodia to go down to hell and want Cambodia to look bad. How about if Cambodia could go back to 1975 would you be happy to go back to day one again? You are dump ass, can you see the country now is doin fine compare other country, support Cambodian People Party you will always still alive and your ass be able to tralve any where on the world. Do you understand to some assholes? Hey I am been working to catch those who agaisnt my party.
Long sentence I won't read it.
Angkorian Krama Man
To 8:24, Krama Man Krohorm Kor,
You can catch my butt, ah pleu. Your party is the party fully loaded with the corrupted, murderers, robbers, thieves, idiots like you, human leeches. Your party is a party of Yuons, working for Yuons, not for Khmer people. Right now, everywhere in the country Yuons have more rights to do whatever than Khmer people do. Have you observed that, ah pleu?
8:24 PM
Try me, asshole! Catch me if you can, asshole!
CPP Traitor
8:51 PM
Do not call me 'Ah Pleu', I am not stupid, stop accussing CPP. Can you see the past, those who against CPP when catch has been taught and nailed them down. Understand?
9:40 PM
Unless you are in Cambodia, would you be kindly introduce yoursef where you are, if you are a good man? We all friend, we'll work togehter, I would be glad take you to lunch. Com on pal?
Angkorian Krama Man is a tough man
The American economie is going no where! After American move up than the Japan, after the Japan than the korea, after the Krea than the China, After the China than the India, after the India than the Philipin, Indonesia, Malasia, Thailand, after the old Asean than the Viet and the viet again since they are now own all big important businesses in Cambodia!
Fuck AH CPP!
9:49 PM,
Are an economiest? Why can you come to operate Cambodia's business since you know too much? By working for the Cambodian People Party is a great oppotunity for you, you'll be promoted, but one thing is do not against to the government. This is Cambodia law. Understand pal?
Angkorian Krama Man
10:02pm, toomuch corruption man! And the laws also too confussing with some foul breasts!
It so stink with you guys around! I wait after the lightnings come to take your evils to joint ah Hok landy first!
$300,000 to 500,000 house and up in Phnom penh City is a bit too expensive when GDP per Capita is about $1500/year.
Cambodia's Neighbor to the west, you, if you marry to Thai citizen, can buy much nicer and bigger houses in Bangkok surburban with $250,000 where Thai's GDP per capita is about $7000 per year.
I wander why real estates in Cambodia has been experiencing a big hiccups.
To: Khmer Rouge cadre of Siem Reap
I thought go going to meet at La Lune we discussed about it didn't we with your moped within minute.
This tough guy around here somewhere. Even though he Khmer, we Khmer still don't like this guy. He is opposition party supporters, also he doesn't care much about us but he does care about his Thai wife.
11:51 PM! You did not ad up Hochiminh and Hanoi GDP!
But are you willing take a risk from landgrabing, stinky mouth of ah Kwack, and the stiky goatass neighbor?
11:51 PM
Money laundering by the CPP heavyweights--also, called 'fat cats'--and the manipulation of the law. Therefore, the complicity in which egregiously perpetrated by the ruling party political elites ineluctably have put a major drag on the resurgence of in interest in purchasing the real estate in Phnom Penh--including the outskirts of the capital city.
CPP Traitor
Alert!
Most Wanted for mad Khmer citizens.
AKA: Angkorian Krama Man/Khmer Rouge cadre of Siam Reap
ALIAS: Khmer, Khmer Mercedez, Ah Thana, PPU, etc.
HEIGHT: 5'5"-5'8"
WEIGHT: 150-180 lbs.
ORIGIN: Cambodia/USA/oversea
If found you can remain anonymous.
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