P. 1
Global Economic Downturn-Opportunity or Crisis?

Global Economic Downturn-Opportunity or Crisis?

|Views: 254|Likes:
Published by Saravorn
Cambodia has not escaped the impact of the global economic downturn. Poverty estimates produced
in 2007 showed a poverty rate of 30 percent, an improvement from 35 percent in 2004. Helped
largely by high economic growth of an average of 9.5 percent in the last decade, this is a remarkable
achievement. However, Cambodia’s progress in poverty reduction and towards achieving the Cambodia
Millennium Development Goals (CMDGs) is under threat as a result of the impact of the economic downturn.
Cambodia has not escaped the impact of the global economic downturn. Poverty estimates produced
in 2007 showed a poverty rate of 30 percent, an improvement from 35 percent in 2004. Helped
largely by high economic growth of an average of 9.5 percent in the last decade, this is a remarkable
achievement. However, Cambodia’s progress in poverty reduction and towards achieving the Cambodia
Millennium Development Goals (CMDGs) is under threat as a result of the impact of the economic downturn.

More info:

Published by: Saravorn on Feb 18, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

10/23/2011

pdf

text

original

52The Global Economic Downturn: Opportunity or Crisis?

Cambodia has a number of social protection projects carried out by the RGC, development partners and

civil society. These projects are helping to mitigate the negative impact of the economic downturn.

However, existing programmes are patchy and fragmented and do not adequately cover the increasing

number of households and individuals that now require alternative livelihoods. The development of a

nationally integrated social protection strategy is a very welcome development in addressing this

challenge. Available government savings could be used for stimulus spending on social protection

projects. This will contribute to reducing poverty and improving productivity and competitiveness.

Increased public spending will also be most efective if it focuses on equitable access to the services

and projects provided.

The current economic downturn is an impetus for the acceleration of structural economic reforms.

Early action, along with concentrated eforts by development partners on longer-term issues,

is essential if the harmful efects of this recession are not to be repeated. Reforms focused on

improving economic competitiveness, increasing diversifcation and better agricultural productivity

could facilitate long-term recovery, reduction of poverty and vulnerability and achievement of the CMDGs

by 2015.

53

The Global Economic Downturn: Opportunity or Crisis?

“2009 Budget Law Should Favour Farmers” (Budget Brief). Phnom Penh: NGO Forum on Cambodia, 2008.

“80 new fu cases raise total to 1,289”. Bangkok Post, 28 June 2009.

http://www.bangkokpost.com/breakingnews/147331/pm-extends-condolence-to-fu-victims,

accessed 10 August 2009.

Annual Development Review 2006-07. Phnom Penh: CDRI, 2007.

Annual Development Review 2008-09. Phnom Penh: CDRI, 2009.

The Asia Development Outlook 2009. Manila: Asian Development Bank, 2009.

“Cambodia: 2008 Article IV Consultation-Staf Report; Staf Supplement; and Public Information Notice on

the Executive Board Discussion” (Country Report No. 09/47). Washington, DC: International Monetary Fund,

2009.

The Cambodia Aid Efectiveness Report 2008. Phnom Penh: Council for the Development of Cambodia-

Cambodian Rehabilitation and Development Board, 2008.

Cambodia Anthropometrics Survey 2008. Phnom Penh: National Institute of Statistics/Ministry of Planning,

2009.

Cambodia Anthropometrics Survey 2008: English Supplement. Phnom Penh: UNICEF, 2009.

Cambodia Country Competitiveness: Driving Economic Growth and Poverty Reduction (Discussion Paper No. 7).

Phnom Penh: UNDP, 2009.

Cambodia: Exodus to the Sex Trade? Efects of the Global Financial Crisis on Women’s Working Conditions

and Opportunities. Phnom Penh: UNIAP, 2009.

Cambodia: Halving Poverty by 2015? (Cambodia Poverty Assessment 2006). Phnom Penh: World Bank, 2006.

Cambodia Human Development Report 2007: Expanding Choices for Rural People. Phnom Penh: UNDP, 2007.

“Cambodia Statistical Appendix” (IMF Country Report 09/48). Washington, DC: International Monetary Fund,

2009.

“Cambodian Garment Industry: Challenges and Opportunities” (Fact Sheet). Phnom Penh: ILO-Better

Factories Cambodia, 2008.

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->