More than 30 delegates from eleven countries were present in the most prestigious 5-star hotel in Seoul, South Korea to learn about knowledge as a factor of production and to place it at the heart of their development strategies to stimulate economic growth.
On February 22, 2008, among the 30 delegates, seven Cambodian delegates participated in a high level forum on knowledge economy organized by the World Bank Institute (WBI) and the Korea Development Institute School. The question remains: Can Cambodia become the next India and South Korea in sustaining long-term economic growth?
Many economic experts say it’s unlikely to happen soon.
According to the World Bank report, Cambodia remains a very poor country (per capita income is around US$ 500 annually). There is great disparity in incomes between city dwellers and the 85 percent of the population that remains in the countryside. While about 35 percent of Cambodia’s population is living with less than half a dollar a day, the poor people are concentrated in the countryside.
Conference highlights some lessons on avoiding the “resource curse”
By Hor Hab, Economics Today
The time for Cambodia to exploit its oil and gas resources is drawing nearer as national energy officials have announced that production of oil and gas will start in 2011.
“We will produce the first oil products for Cambodia in 2011 to reduce the import of oil,” Te Duong Tara, Director General of Cambodian National Petroleum Authority (CNPA) told VOA Khmer during a conference on oil and gas in late March.
This could be good news for the country because it will mean large revenues will be added to national accounts, which, government officials say, will be used to finance public investment programs.
The world economy and market systems have been shaken in the last few months and several organizations have adjusted their growth projection for countries and for the world.
In an age of increasingly integrated economies, the 2007 US “subprime” crisis has been the snowball that has transformed into an avalanche, which threatens to submerge the world through financial crisis, plunging stock markets, runaway inflation and global recession.
Cambodia, like other countries, is not spared and its economic growth for 2008 has been revised downward to take into account this economic deflagration.
The country’s growth rate was 10.1 percent in 2007, according to the Ministry of Planning’s National Institute of Statistics. Early this year, analysts expected the economy to fare less well but still to remain strong with an 8-percent growth rate.