The government revised its economic growth figures for 2012 upwards from 7 to 7.3% and said that strong policy was required to sustain the growth.
Sajel Dutt's insight:
Cambodia's economy is showing steady, constant growth towards a more developed country. Despite this, the government of Cambodia needs give some of its power to the people and strive for equality if the country wants to see rapid growth. To keep Cambodia's housing market steady, efforts can be made to protect property rights since as of now the people have very little rights, and the country should also focus on increasing education standards. Ever since being hit by the numerous wars of the country, it seems as if its economy has been a miracle. Now in the future it may be harder to sustain the economy so there must be a social and economic focus on poverty reduction by closing gaps in things like undernourishment, and resolving gender inequalities.- Sajel Dutt
Cambodia’s economic growth for 2014 will drop to 7.2 percent, a slight dip from last year, the World Bank says in a recent report.
Sajel Dutt's insight:
Due to political problems and labor issues Cambodia's economic growth is projected to drop to 7.2% this year in 2014. Despite the uncertainty and unrest in the country, Cambodia is showing impressive economic growth and it continues to be a country to invest in even though investment this year is predicted to go down to 2 billion dollars. The country has been adapted to the internal problems of the country and have been able to show economic growth and reduce the poverty rate by 1% each year. The government, which controls the majority of the country, needs to give more power to the public if Cambodia is going to grow even more in the future.- Sajel Dutt
As a growing economy ignites a property boom in Cambodia, the BBC's Jonathan Head speaks to the families forcefully evicted from their homes. Human rights groups estimate that 700,000 people have been adversely affected by land development, and they say the government and the courts openly side with the developers.
Foreign investment inflows are attracted through cheap labor, cheap land, and abundance of natural resources allowing Cambodia to develop. As Cambodia develops, their land space is used for building offices and skyscrapers even draining lakes to use the land. Houses around this lake are being destroyed and people are being forced to move out.
Due to Cambodia's surges in economic activity in exports and agriculture, Cambodia has became a leading place for financial investment. Because of this many foreign retirees are attempting to put there money in Cambodia's banks, and now they are able to open accounts that gain interest. Cambodia's banking system with its new financial institutions and atm machines, are making money flow throughout the country more liquid and allowing for an easier place to invest money into.- Sajel Dutt
Cambodia's economy is still struggling from the war and conflicts it had in the 70s and 80s,and the internal conflict from July 1997 caused a decrease in consumer confidence and capital inflows. Then in 2001 Cambodia took a turn for the better and is showing economic promise Cambodia relies mainly on its garment (industry) sector, tourism sector, and agriculture sector to drive the economy to growth and diversification. Currently the country is facing problems with creating enough jobs for the future because more than 50% of the country is under 21 years old and that can be acheived through better education systems and productive skills. - Sajel Dutt
A new report from property agents CBRE says tourism accounted for 9.7 per cent of Cambodia's GDP in 2012, a rise of 5.5 per cent from 2011. Investment in the tourism sector has increased by 16.7 per cent year on year, and ...
Tourism in Cambodia is increasing and increasing their GDP by about 9.7 per cent. Investment in tourism, foreign imports, and business arrivals are continually increasing. Cambodia's hotel industry has been especially successful and is predicted to continue to grow. It is also predicted that as supply increases so will competition which will cause renewed buildings in the future.
According to the World Bank, Cambodia's economy is protected to grow 7.2% this year, due to the rise in activity in the garment (exports) sector of the economy. The country has withstood internal pressures and is attempting to lower poverty by 1%. Political disputes have arisen in the country regarding the minimum wage; factory workers are demanding higher wages but the the government says that the higher wages are something the country cannot afford in its current situation. - Sajel Dutt
Getty Images World Bank Predicts Slight Slowdown in 2014 The Cambodia Daily (subscription) The World Bank expects Cambodia's economy to grow 7.2 percent this year, driven primarily by expansion of the country's garment and tourism sectors, a slight...
Sajel Dutt's insight:
Cambodia's economy has grown and will continue to grow at, at least a 7.2% growth rate or higher. The economy is expanding it's garment industry and factories are being opened. There has been alot of exporting of garments and clothing that brings in a lot of revenue for Cambodia.- Sajel Dutt
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