Click on the cartoon to zoom inCartoon by Sacrava (on the web at http://sacrava.blogspot.com)
Showing posts with label SRP economic stimulus package. Show all posts
Showing posts with label SRP economic stimulus package. Show all posts
Monday, March 09, 2009
Sacrava's Political Cartoon: Stimulus Package
Click on the cartoon to zoom inCartoon by Sacrava (on the web at http://sacrava.blogspot.com)
Monday, February 09, 2009
Stimulus Package "Reasonable" With Reduced Government Corruption: Sam Rainsy
Sam Rainsy's letter published in The Cambodia Daily, February 9, 2009STIMULUS PACKAGE "REASONABLE" WITH REDUCED GOVERNMENT CORRUPTION
In "Reforms Needed To Tackle Crisis, Forum Told" (Friday, page 1), it was reported that "[Prime Minister] Hun Sen rejected an opposition recommendation of a $500 million stimulus package as 'unreasonable' for Cambodia given its budget."
On January 16, in my capacity as an elected representative of the people, I wrote to the prime minister suggesting that the government adopt a series of appropriate and urgent measures to cope with the unfolding world financial crisis.
In particular, I suggested a $500 million stimulus plan designed to reduce the economic and social repercussions from the global slump that are being increasingly felt by Cambodia ("Sam Rainsy Urges Government To Prepare Stimulus Package", January 19, page 33).
The indirect and negative response I received through the press shows either the government does not yet fully understand the seriousness of the situation or it lacks the sense of responsibility to take appropriate action.
What Mr Hun Sen said at last week's Third Annual Cambodian Economic Forum seems no more than a repetition of long-heard commitments that proved to be lip service for the donors' easy satisfaction. The Prime Minister is quoted as saying: "In the current context, the Royal Government clearly sees the opportunity and needs to push forward the systematic and interrelated reforms, which aim at improving investment and business climate."
The key word among all the empty ones we often hear, is "reforms". But what long-awaited reforms have been implemented over the past 10 years? Land reform? Judicial reform? Civil service reform? Anti-corruption reform? None of them. In particular, the anti-corruption law, which has officially been "in preparation" for more than a decade, is still in limbo.
My proposed $500 million stimulus package is considered "unreasonable" compared with Cambodia's budget of $1.8 billion for 2009. But in 2004, a USAID-funded corruption assessment highlighted the significant loss in state revenue due to smuggling, bribes and other illegal practices, which possibly totaled as much as $500 million.
Since 2004, corruption has dramatically increased, with the plunder of state assets and land grabbing by government officials and their cronies occurring on a larger and larger scale.
Therefore, the above stimulus package could be financed by a reduction in government corruption.
Besides, international financial institutions such as the World Bank, the Asian Development Bank and the International Monetary Fund, and major donor countries such as Japan, have stated that they have set aside funds to help poor countries cope with the world crisis. But countries like Cambodia must first devise a concrete contingency plan and ask for help in a responsible way.
In the current context dominated by the world crisis, Cambodia needs a significant and thoroughly planned stimulus package whatever the name we give to the series of fiscal and monetary measures aimed at boosting economic activity.
All Cambodia's neighboring countries including China, India, Indonesia, Malaysia, Thailand and Vietnam, have already released their first economic stimulus packages and are preparing new ones in the face of the intensity and the possible duration of the crisis.
Cambodia cannot afford to have leaders who ignore that we are facing an emergency situation that requires prompt and adequate measures. It's very worrying to see our government taking lightly the people's sufferings and distress while having no credible plan for the future. Through a significant stimulus package that comes on top of the already known budget for 2009, any responsible government would implement a number of projects such as:
Member of Parliament
Former Finance Minister
On January 16, in my capacity as an elected representative of the people, I wrote to the prime minister suggesting that the government adopt a series of appropriate and urgent measures to cope with the unfolding world financial crisis.
In particular, I suggested a $500 million stimulus plan designed to reduce the economic and social repercussions from the global slump that are being increasingly felt by Cambodia ("Sam Rainsy Urges Government To Prepare Stimulus Package", January 19, page 33).
The indirect and negative response I received through the press shows either the government does not yet fully understand the seriousness of the situation or it lacks the sense of responsibility to take appropriate action.
What Mr Hun Sen said at last week's Third Annual Cambodian Economic Forum seems no more than a repetition of long-heard commitments that proved to be lip service for the donors' easy satisfaction. The Prime Minister is quoted as saying: "In the current context, the Royal Government clearly sees the opportunity and needs to push forward the systematic and interrelated reforms, which aim at improving investment and business climate."
The key word among all the empty ones we often hear, is "reforms". But what long-awaited reforms have been implemented over the past 10 years? Land reform? Judicial reform? Civil service reform? Anti-corruption reform? None of them. In particular, the anti-corruption law, which has officially been "in preparation" for more than a decade, is still in limbo.
My proposed $500 million stimulus package is considered "unreasonable" compared with Cambodia's budget of $1.8 billion for 2009. But in 2004, a USAID-funded corruption assessment highlighted the significant loss in state revenue due to smuggling, bribes and other illegal practices, which possibly totaled as much as $500 million.
Since 2004, corruption has dramatically increased, with the plunder of state assets and land grabbing by government officials and their cronies occurring on a larger and larger scale.
Therefore, the above stimulus package could be financed by a reduction in government corruption.
Besides, international financial institutions such as the World Bank, the Asian Development Bank and the International Monetary Fund, and major donor countries such as Japan, have stated that they have set aside funds to help poor countries cope with the world crisis. But countries like Cambodia must first devise a concrete contingency plan and ask for help in a responsible way.
In the current context dominated by the world crisis, Cambodia needs a significant and thoroughly planned stimulus package whatever the name we give to the series of fiscal and monetary measures aimed at boosting economic activity.
All Cambodia's neighboring countries including China, India, Indonesia, Malaysia, Thailand and Vietnam, have already released their first economic stimulus packages and are preparing new ones in the face of the intensity and the possible duration of the crisis.
Cambodia cannot afford to have leaders who ignore that we are facing an emergency situation that requires prompt and adequate measures. It's very worrying to see our government taking lightly the people's sufferings and distress while having no credible plan for the future. Through a significant stimulus package that comes on top of the already known budget for 2009, any responsible government would implement a number of projects such as:
- Setting up mechanisms to support and stabilize agricultural prices in order to protect farmers' revenue and living conditions
- Investing in human resources by increasing spending on education, training and health
- Building infrastructure that Cambodia lacks most (roads, railways, water-control and irrigation systems, housing for the poor)
- Works to protect the environment and to restore the ecological system that has been disrupted nationwide, including replanting trees (reforestation) and dredging lakes and rivers
- Tax cuts and reduction in fees for the use of public services including road tolls and the electricity price
- Special social allowances for the poorest segment of the population
- Loans with reduced (lowest possible) interest rates for small domestic entrepreneurs and the needy.
- In the short term, protect revenue and create jobs by boosting aggregate demand through an increase in public and private expenditures triggering the multiplier effect;
- In the longer term, lay the foundations and create the conditions for a sustainable and equitable development.
Member of Parliament
Former Finance Minister
Monday, January 26, 2009
Government should take economic bailout seriously: Sam Rainsy
Sam Rainsy's letter published in The Phnom Penh Post, January 26, 2009January 26, 2009
Letter to The Phnom Penh Post
Dear Editor,
In the front-page article "SRP calls for govt bailout" in the January 19 edition of The Phnom Penh Post, you wrote « opposition leader Sam Rainsy has called on the government to set aside a US$500 million economic stimulus package to offset the local effects of the world financial slump, claiming "tens of thousands" of Cambodian jobs have been lost to the global crisis ». This article correctly reflects the spirit of my January 16 letter to Prime Minister Hun Sen drawing his attention to Cambodia's vulnerability in the face of the ongoing world financial crisis and to the seriousness of its worsening impact on our economy, the unprecedented fall in agricultural prices literally strangling our farmers, massive job destruction in the hitherto-growing nonagricultural sectors (garment, construction, tourism), and the collapse of the property market.
The suggested US$500 million stimulus package would be the first emergency measure designed to alleviate the fallout from the world crisis and to prevent economic, social and political upheavals with incalculable consequences for Cambodia's stability and long-term development.
However, in the above mentioned article, Information Minister Khieu Kanharith is reported as saying there is no need for such a package because the government has already reserved funds for unforeseen circumstances, as it has been doing every year in the annual state budget. He is quoted as saying: "We have a reserve budget, not only for the global economic crisis but also for other disasters such as floods, and so forth", although he reportedly could not remember the exact amount set aside in 2009.
What the government has actually set aside for the fiscal year 2009 as "unplanned expenditures" -- US$144 million compared with US$132 million for 2008 -- is not adequate to cope with the deteriorating situation. Firstly, in the amount being far too little, and more importantly, in the concept, because the package must be thoroughly planned in order to produce its expected effects. For this purpose, we must forget "floods" and similar contingencies for a while, and concentrate on macroeconomics, fiscal policy, monetary policy, job creation, full-employment equilibrium, aggregate demand, deficit spending, multiplier effect and other elements of Keynesian economic theory.
I would like to respond also to National Assembly Vice President Nguon Nhel who is quoted, in the January 18 edition of Khmer-language newspaper Rasmei Kampuchea, as saying the government does not need to follow my recommendation related to the world economic crisis because it has already taken "measures against inflation". Apparently, Mr Nguon Nhel does not realize that the problem is no longer inflation but deflation and recession.
Sam Rainsy
Member of Parliament
-----
Click here to read the Rasmei Kampuchea article quoting Nguon Nhel about "measures against inflation".
Click here to read Sam Rainsy's response in Khmer published by the Rasmei Kampuchea newspaper.
In the front-page article "SRP calls for govt bailout" in the January 19 edition of The Phnom Penh Post, you wrote « opposition leader Sam Rainsy has called on the government to set aside a US$500 million economic stimulus package to offset the local effects of the world financial slump, claiming "tens of thousands" of Cambodian jobs have been lost to the global crisis ». This article correctly reflects the spirit of my January 16 letter to Prime Minister Hun Sen drawing his attention to Cambodia's vulnerability in the face of the ongoing world financial crisis and to the seriousness of its worsening impact on our economy, the unprecedented fall in agricultural prices literally strangling our farmers, massive job destruction in the hitherto-growing nonagricultural sectors (garment, construction, tourism), and the collapse of the property market.
The suggested US$500 million stimulus package would be the first emergency measure designed to alleviate the fallout from the world crisis and to prevent economic, social and political upheavals with incalculable consequences for Cambodia's stability and long-term development.
However, in the above mentioned article, Information Minister Khieu Kanharith is reported as saying there is no need for such a package because the government has already reserved funds for unforeseen circumstances, as it has been doing every year in the annual state budget. He is quoted as saying: "We have a reserve budget, not only for the global economic crisis but also for other disasters such as floods, and so forth", although he reportedly could not remember the exact amount set aside in 2009.
What the government has actually set aside for the fiscal year 2009 as "unplanned expenditures" -- US$144 million compared with US$132 million for 2008 -- is not adequate to cope with the deteriorating situation. Firstly, in the amount being far too little, and more importantly, in the concept, because the package must be thoroughly planned in order to produce its expected effects. For this purpose, we must forget "floods" and similar contingencies for a while, and concentrate on macroeconomics, fiscal policy, monetary policy, job creation, full-employment equilibrium, aggregate demand, deficit spending, multiplier effect and other elements of Keynesian economic theory.
I would like to respond also to National Assembly Vice President Nguon Nhel who is quoted, in the January 18 edition of Khmer-language newspaper Rasmei Kampuchea, as saying the government does not need to follow my recommendation related to the world economic crisis because it has already taken "measures against inflation". Apparently, Mr Nguon Nhel does not realize that the problem is no longer inflation but deflation and recession.
Sam Rainsy
Member of Parliament
-----
Click here to read the Rasmei Kampuchea article quoting Nguon Nhel about "measures against inflation".
Click here to read Sam Rainsy's response in Khmer published by the Rasmei Kampuchea newspaper.
Cambodia Keeps Tax Breaks as Shortage of Cash Prevents Stimulus
By Daniel Ten Kate
Jan. 26 (Bloomberg) -- Cambodia, reliant on overseas aid to finance a quarter of the national budget, said it will extend tax breaks for clothing manufacturers and invest in power plants as a cash shortage restricts its ability to provide economic stimulus.
“We cannot distribute cash to the people,” Hang Chuon Naron, secretary-general of the Ministry of Economy and Finance, said in a telephone interview from Phnom Penh on Jan. 23. “What we can do is give targeted tax cuts to garment factories and spend more on infrastructure so we can prepare for economic development in the future.”
Cambodia needs to reduce business costs because it can’t afford the stimulus measures adopted by richer neighbors Thailand, Singapore and Malaysia. The International Monetary Fund said the economy, Southeast Asia’s second poorest, may grow 4.75 percent this year, the slowest pace in 11 years.
Opposition leader Sam Rainsy said the government should ask for more grants and loans to fund a $500 million stimulus package he has proposed. The money would go to stabilizing crop prices and the construction of irrigation and road networks, he said.
“The Cambodian government is disconnected with reality and when the fallout materializes, it will be a terrible awakening,” Sam Rainsy said in an interview from Phnom Penh. “Every country around the region has announced a stimulus package, but Cambodia has done nothing so far.”
The government will extend a 2006 profit tax exemption for garment factories until the end of this year, Hang Chuon Naron said. That will help cut costs for an industry that accounted for 12 percent of gross domestic product in 2007 by supplying clothes for retailers such as Gap Inc. and Stockholm-based Hennes & Mauritz AB.
Donor-Funded
The tax breaks will be coupled with donor-funded investments in rural roads, power plants, irrigation systems and telecommunications networks, he said. More than two-thirds of the nation’s labor force work at least some of the time in the countryside, according to the Economic Institute of Cambodia.
Tourism, construction and garments, which together make up more than 60 percent of the economy, all face threats to growth this year, Hang Chuon Naron said. The number of foreign visitors may fall by 20 percent, construction will slow and garment exports might drop more than the 2 percent decline in 2008, he said.
“It’s very difficult to make a judgment about garment exports this year because we don’t sell high-end products,” he said. “We have to look at the real figures for the first quarter, which will be crucial.”
Dwindling Factories
The number of garment factories fell 10 percent to about 260 last year, leaving 20,000 workers without jobs, said Roger Tan, secretary-general of the Garment Manufacturers’ Association of Cambodia. The industry, which employs about 320,000 of Cambodia’s 14.2 million people, sells 70 percent of its products to the U.S., where retail sales have fallen for six straight months.
“Even if factories want to operate on the same scale, they may be forced to reduce their scale on account of reduced credit lines,” Tan said in an interview. “Buyers in Europe and America are telling us to ship on consignment.”
Cambodian lawmakers last month passed a $1.8 billion budget for 2009, increasing spending by a third from last year. The passage came days after donor countries pledged $950 million in aid, almost 40 percent more than they offered in 2008.
Last year marked an end to four straight years of economic growth in excess of 10 percent spurred by foreign-investment friendly policies such as 99-year leases for agricultural land, tax holidays and low import tariffs. The boom helped Prime Minister Hun Sen’s party win 73 percent of seats in a July election.
Stock Exchange
The country plans to open its first stock exchange in December, undeterred by a global financial crisis that halved the value of markets in neighboring Thailand and Vietnam last year. Government coffers may soon get a boost from petroleum concessions in the Gulf of Thailand, where Chevron Corp., the second-biggest U.S. oil company, struck oil in 2005.
The government doesn’t have many options to boost the economy besides tax cuts and tackling corruption to ensure a more efficient use of donor funds, said Kang Chandararot, an economist with the Cambodia Institute of Development Studies. Transparency International, a global non-governmental organization, ranked Cambodia 166 out of 180 countries in its 2008 Corruption Perceptions Index.
“Not wasting the money we received from donor countries is the only way to induce private investment,” he said by phone from Phnom Penh. “Confidence in the real estate and construction sectors is in free fall.”
To contact the reporter on this story: Daniel Ten Kate in Bangkok at dtenkate@bloomberg.net
“We cannot distribute cash to the people,” Hang Chuon Naron, secretary-general of the Ministry of Economy and Finance, said in a telephone interview from Phnom Penh on Jan. 23. “What we can do is give targeted tax cuts to garment factories and spend more on infrastructure so we can prepare for economic development in the future.”
Cambodia needs to reduce business costs because it can’t afford the stimulus measures adopted by richer neighbors Thailand, Singapore and Malaysia. The International Monetary Fund said the economy, Southeast Asia’s second poorest, may grow 4.75 percent this year, the slowest pace in 11 years.
Opposition leader Sam Rainsy said the government should ask for more grants and loans to fund a $500 million stimulus package he has proposed. The money would go to stabilizing crop prices and the construction of irrigation and road networks, he said.
“The Cambodian government is disconnected with reality and when the fallout materializes, it will be a terrible awakening,” Sam Rainsy said in an interview from Phnom Penh. “Every country around the region has announced a stimulus package, but Cambodia has done nothing so far.”
The government will extend a 2006 profit tax exemption for garment factories until the end of this year, Hang Chuon Naron said. That will help cut costs for an industry that accounted for 12 percent of gross domestic product in 2007 by supplying clothes for retailers such as Gap Inc. and Stockholm-based Hennes & Mauritz AB.
Donor-Funded
The tax breaks will be coupled with donor-funded investments in rural roads, power plants, irrigation systems and telecommunications networks, he said. More than two-thirds of the nation’s labor force work at least some of the time in the countryside, according to the Economic Institute of Cambodia.
Tourism, construction and garments, which together make up more than 60 percent of the economy, all face threats to growth this year, Hang Chuon Naron said. The number of foreign visitors may fall by 20 percent, construction will slow and garment exports might drop more than the 2 percent decline in 2008, he said.
“It’s very difficult to make a judgment about garment exports this year because we don’t sell high-end products,” he said. “We have to look at the real figures for the first quarter, which will be crucial.”
Dwindling Factories
The number of garment factories fell 10 percent to about 260 last year, leaving 20,000 workers without jobs, said Roger Tan, secretary-general of the Garment Manufacturers’ Association of Cambodia. The industry, which employs about 320,000 of Cambodia’s 14.2 million people, sells 70 percent of its products to the U.S., where retail sales have fallen for six straight months.
“Even if factories want to operate on the same scale, they may be forced to reduce their scale on account of reduced credit lines,” Tan said in an interview. “Buyers in Europe and America are telling us to ship on consignment.”
Cambodian lawmakers last month passed a $1.8 billion budget for 2009, increasing spending by a third from last year. The passage came days after donor countries pledged $950 million in aid, almost 40 percent more than they offered in 2008.
Last year marked an end to four straight years of economic growth in excess of 10 percent spurred by foreign-investment friendly policies such as 99-year leases for agricultural land, tax holidays and low import tariffs. The boom helped Prime Minister Hun Sen’s party win 73 percent of seats in a July election.
Stock Exchange
The country plans to open its first stock exchange in December, undeterred by a global financial crisis that halved the value of markets in neighboring Thailand and Vietnam last year. Government coffers may soon get a boost from petroleum concessions in the Gulf of Thailand, where Chevron Corp., the second-biggest U.S. oil company, struck oil in 2005.
The government doesn’t have many options to boost the economy besides tax cuts and tackling corruption to ensure a more efficient use of donor funds, said Kang Chandararot, an economist with the Cambodia Institute of Development Studies. Transparency International, a global non-governmental organization, ranked Cambodia 166 out of 180 countries in its 2008 Corruption Perceptions Index.
“Not wasting the money we received from donor countries is the only way to induce private investment,” he said by phone from Phnom Penh. “Confidence in the real estate and construction sectors is in free fall.”
To contact the reporter on this story: Daniel Ten Kate in Bangkok at dtenkate@bloomberg.net
Monday, January 19, 2009
SRP calls for govt bailout
Monday, 19 January 2009 Written by Sam Rith and Sebastian Strangio
The Phnom Penh Post
Rainsy claims thousands of jobs lost in financial crisis.
OPPOSITION leader Sam Rainsy has called on the government to set aside a US$500 million economic stimulus package to offset the local effects of the world financial slump, claiming "tens of thousands" of Cambodian jobs have been lost to the global crisis.
In a letter to Prime Minister Hun Sen, Sam Rainsy said the government was underestimating the effects of the global upheavals, petitioning the prime minister to organise a $500 million relief package to go towards maintaining agricultural prices, building much-needed infrastructure and making low-interest loans available to the needy.
"I would like to request the government to consider the appropriate measures in order to support economic activity and help Cambodia avoid the worst of the economic crisis," he said in the letter, which was delivered to the premier by National Assembly First Deputy President Nguon Nhel on Saturday.
Sam Rainsy added that the national budget for 2009 contained no means of relieving the economic impacts of the global crisis.
Kem Sokha, president of the Human Rights Party, said the financial crisis was having serious effects in rural areas of the Kingdom, where falling commodity prices had driven down standards of living.
"Many Cambodian people in the countryside are having problems with reduced food. This is affecting the health of the people," he told the Post.
He added that the garment sector had been hit hard by the global downturn and that many willing workers were being turned away. "Now there is reduced work, and they don't have enough money to live," he said. "I think every country should have the funds for an economic crisis."
But Information Minister Khieu Kanharith said the government reserved funds in every annual budget for unforeseen circumstances.
"We have a reserve budget, not only for the global economic crisis but also for other disasters such as floods, and so forth," he said Sunday, but added he could not remember the exact amount set aside in 2009.
"Sam Rainsy should be able to address this. He is a parliamentarian, so he must know about it."
OPPOSITION leader Sam Rainsy has called on the government to set aside a US$500 million economic stimulus package to offset the local effects of the world financial slump, claiming "tens of thousands" of Cambodian jobs have been lost to the global crisis.
In a letter to Prime Minister Hun Sen, Sam Rainsy said the government was underestimating the effects of the global upheavals, petitioning the prime minister to organise a $500 million relief package to go towards maintaining agricultural prices, building much-needed infrastructure and making low-interest loans available to the needy.
"I would like to request the government to consider the appropriate measures in order to support economic activity and help Cambodia avoid the worst of the economic crisis," he said in the letter, which was delivered to the premier by National Assembly First Deputy President Nguon Nhel on Saturday.
Sam Rainsy added that the national budget for 2009 contained no means of relieving the economic impacts of the global crisis.
Kem Sokha, president of the Human Rights Party, said the financial crisis was having serious effects in rural areas of the Kingdom, where falling commodity prices had driven down standards of living.
"Many Cambodian people in the countryside are having problems with reduced food. This is affecting the health of the people," he told the Post.
He added that the garment sector had been hit hard by the global downturn and that many willing workers were being turned away. "Now there is reduced work, and they don't have enough money to live," he said. "I think every country should have the funds for an economic crisis."
But Information Minister Khieu Kanharith said the government reserved funds in every annual budget for unforeseen circumstances.
"We have a reserve budget, not only for the global economic crisis but also for other disasters such as floods, and so forth," he said Sunday, but added he could not remember the exact amount set aside in 2009.
"Sam Rainsy should be able to address this. He is a parliamentarian, so he must know about it."
Sam Rainsy urges an economic stimulus to fight against the economic crisis
19 Jan 2009By Leang Delux
Cambodge Soir Hebdo
Translated from French by Tola Ek
Click here to read the article in French
The leader of the opposition SRP sent his remarks to Hun Sen on 16 January. According to Sam Rainsy, a special budget should be set up to rein in the effects of the world economic crisis on the Cambodian economy.
Opposition leader Sam Rainsy sent a letter to Prime minister Hun Sen, through the National Assembly channel, to present his requests to the government regarding the world financial and economic crisis that is starting to affect Cambodia. According to the SRP communiqué, Sam Rainsy asked the government to “prepare a $500 million budget to cope with the crisis.”
According to Sam Rainsy, the 2009 state budget which was adopted by the National Assembly last December, does not contain any provision to cope with the current situation stemming from the world crisis. Sam Rainsy underscored in his letter that several countries in the region, such as Japan, China, India, Indonesia, Vietnam and Thailand have all established multi-billion dollar budget for economic spending stimulus.
Sam Rainsy also provided concrete examples on the noticeable effects of the world crisis on Cambodia: lower price of agricultural products, stagnant real estate sector, closed factories, etc…
Opposition leader Sam Rainsy sent a letter to Prime minister Hun Sen, through the National Assembly channel, to present his requests to the government regarding the world financial and economic crisis that is starting to affect Cambodia. According to the SRP communiqué, Sam Rainsy asked the government to “prepare a $500 million budget to cope with the crisis.”
According to Sam Rainsy, the 2009 state budget which was adopted by the National Assembly last December, does not contain any provision to cope with the current situation stemming from the world crisis. Sam Rainsy underscored in his letter that several countries in the region, such as Japan, China, India, Indonesia, Vietnam and Thailand have all established multi-billion dollar budget for economic spending stimulus.
Sam Rainsy also provided concrete examples on the noticeable effects of the world crisis on Cambodia: lower price of agricultural products, stagnant real estate sector, closed factories, etc…
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