Third Cambodia Economic Forum held

Phnom Penh - Despite remarkable recent economic growth and steady progress towards reducing poverty, the effects of the global financial crisis are now being felt in Phnom Penh. The question of what Cambodia can do to mitigate the effects of this crisis is becoming increasingly urgent as tourism numbers taper off and garment factory orders dwindle. Key Cambodian policymakers, development partners and private sector stakeholders met today at the Third Cambodia Economic Forum (CEF), hosted by The Supreme National Economic Council (SNEC), to debate possible rapid policy responses that could prevent Cambodia’s recent gains from being eroded.

This year’s forum focused on “Increasing Cambodia’s Competitiveness for Growth and Poverty Reduction in the Face of the Global Financial Crisis” and was presided over by Prime Minister Samdech Hun Sen. A range of policy perspectives and options on how to improve Cambodia’s competitiveness and sustain its rapid economic growth in the context of the worldwide economic situation were today presented to the Royal Government of Cambodia, the private sector and development partners. Discussion focused on policies to firmly regain macroeconomic stability, diversify sources of growth, increase productivity, expand market access, and enhance trade while continuing to reduce poverty.

“The Government is fully committed to systemic measures to limit the impacts of the global financial crisis on Cambodia’s financial system and its economy”, said Prime Minister Samdech Hun Sen in his keynote address at the forum as he elaborated key measures taken by the government covering different aspects of macroeconomic, structural and sectoral policies.

“As Cambodia takes its place on the international stage – with its accession to the World Trade Organisation, taking a stronger role in the UN and sending peacekeepers to Sudan – it also grows more susceptible to the economic shocks affecting the rest of the world,” said UNDP Resident Representative Douglas Broderick at the event. “Integration with regional and global economies exposes Cambodia to new risks along with new opportunities.”