Cartoon by Sacrava (on the web at http://sacrava.blogspot.com)
Showing posts with label FDI drop. Show all posts
Showing posts with label FDI drop. Show all posts
Wednesday, June 03, 2009
Thursday, February 12, 2009
IMF predicts hard landing for Cambodian economy [... but our Hanoi PhD and our CPP comrades say it ain't so!]
PHNOM PENH, Feb. 12 (Xinhua) -- Cambodia's economy will come under intense pressure in 2009 as tourism, garments and construction take a hit from the global economic slowdown, according to the International Monetary Fund (IMF).
"Cambodia's exceptional growth performance... is coming under increasing strain from the global economic crisis and weakening external demand," English-language daily newspaper the Phnom Penh Post on Thursday quoted an IMF report as saying.
Foreign direct investment will decline and foreign reserves could fall to about 1.9 billion U.S. dollars, it said.
"Cambodia could experience a pronounced liquidity contraction and possible large reserve loss," it said.
Meanwhile, the report predicted 4.8 percent economic growth for Cambodia in 2009, but IMF Resident Representative John Nelmes warned that the projection will be downgraded.
"We are taking a close look at the growth projection... Since November, when the projection was made, the global crisis has intensified," he told the newspaper.
The World Bank has forecast 4.9 percent Gross Domestic Products(GDP) growth for Cambodia this year, while the Economist Conference, which belongs to the same company that publishes The Economist magazine, even said that it will nose-dive to 1 percent.
"Cambodia's exceptional growth performance... is coming under increasing strain from the global economic crisis and weakening external demand," English-language daily newspaper the Phnom Penh Post on Thursday quoted an IMF report as saying.
Foreign direct investment will decline and foreign reserves could fall to about 1.9 billion U.S. dollars, it said.
"Cambodia could experience a pronounced liquidity contraction and possible large reserve loss," it said.
Meanwhile, the report predicted 4.8 percent economic growth for Cambodia in 2009, but IMF Resident Representative John Nelmes warned that the projection will be downgraded.
"We are taking a close look at the growth projection... Since November, when the projection was made, the global crisis has intensified," he told the newspaper.
The World Bank has forecast 4.9 percent Gross Domestic Products(GDP) growth for Cambodia this year, while the Economist Conference, which belongs to the same company that publishes The Economist magazine, even said that it will nose-dive to 1 percent.
Wednesday, November 19, 2008
Hun Sen is concerned about the backlash from the world financial crisis
19 Nov 2008
By Ky Soklim
Cambodge Soir Hebdo
Translated from French by Luc Sâr
Click here to read the article in French
By Ky Soklim
Cambodge Soir Hebdo
Translated from French by Luc Sâr
Click here to read the article in French
In front of representatives from 49 underdeveloped countries that were invited to Siem Reap to attend an international conference, Hun Sen gave an opening speech which was laced with pessimism.
“Underdeveloped countries are hit by the worldwide financial crisis,” Hun Sen said in the morning of Wednesday 19 November in his opening speech for the international conference set up for 49 underdeveloped countries. According to Hun Sen, the crisis penalizes the world economic growth, including those in developed countries.
In front of representatives from the 49 countries that were invited, and under the presence of the WTO General Director, Hun Sen expressed his worries about the reduction of foreign investment, as well as cooperation aid for underdeveloped countries.
“Short of funding in their countries, foreign investors have a hard time funding projects in poorer countries,” a concerned Hun Sen said. He also indicated that the worldwide crisis would also slow down exports out of less advanced countries. In Cambodia, the crisis could have a direct hit on the tourist, textile and real estate sectors.
Recently, David G. Cowen, IMF Asia deputy division chief, issued a warning during a press conference in Phnom Penh, that foreign direct investment (FDI) would drop in Cambodia. “The FDI will see a drop of between 25% and 30%,” he estimated after reminding that, in 2008, the FDI climbed all the way to $750 million.
“Underdeveloped countries are hit by the worldwide financial crisis,” Hun Sen said in the morning of Wednesday 19 November in his opening speech for the international conference set up for 49 underdeveloped countries. According to Hun Sen, the crisis penalizes the world economic growth, including those in developed countries.
In front of representatives from the 49 countries that were invited, and under the presence of the WTO General Director, Hun Sen expressed his worries about the reduction of foreign investment, as well as cooperation aid for underdeveloped countries.
“Short of funding in their countries, foreign investors have a hard time funding projects in poorer countries,” a concerned Hun Sen said. He also indicated that the worldwide crisis would also slow down exports out of less advanced countries. In Cambodia, the crisis could have a direct hit on the tourist, textile and real estate sectors.
Recently, David G. Cowen, IMF Asia deputy division chief, issued a warning during a press conference in Phnom Penh, that foreign direct investment (FDI) would drop in Cambodia. “The FDI will see a drop of between 25% and 30%,” he estimated after reminding that, in 2008, the FDI climbed all the way to $750 million.
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