ISSN 1810-6358

viTüasßanbNþúHbNþal nig RsavRCavedIm,IGPivDÆn_km<úCa

CDRI—Cambodia’s Leading Independent
Development Policy Research Institute

r)aykarN_fµI²sþIBIesdækic©km<úCa
Flash Report on the Cambodian Economy

FñÚ 2009 ¼ December 2009

saMg c½nÞhgS ¼ Saing Chan Hang
RsIu bu)öar½tñ ¼ Sry Bopharath
b:un dUrINa ¼ Pon Dorina

bkERbeday³ yU siT§IriT§ nig v:a vNѳ

PñMeBj km<úCa
Phnom Penh, Cambodia

TO SUBSCRIBE, PLEASE CONTACT:

Office Address: #56, Street 315, Tuol Kork, Phnom Penh, Cambodia, Postal Address: CDRI, PO Box 622 Phnom Penh, Cambodia
Tel: (855-23) 881-384/881-701/881-916/883-603 Fax: (855-23) 880-734 E-mail: pubs@cdri.forum.org.kh. Web site: http://www.cdri.org.kh

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Cambodia Economic Flash Report –December 2009
Highlights
This report describes some of the key economic indicators for
Cambodia and its main trading partners.
In the third quarter of 2009, total fixed asset investment
approvals for services sector decreased from USD4450.5 m in
the same quarter last year to USD171.32 m. Approvals for
hotels rose from nil to USD17.2 m, while tourism approvals
fell 96 percent to USD133 m. Other service approvals
decreased from USD969.3 m to USD21.1 m.
In October, total foreign visitor arrivals to Cambodia rose by
2.8 percent compared with the preceding month, reaching
152,497. Holiday visitors rose by 4.5 percent to 139,146,
while business arrivals decreased by 14 percent to 10,254 and
other arrivals dropped by 0.7 percent to 3097.
In October, the year-on-year consumer price index decreased
by 1.6 percent. This was due to a fall in the prices of food and
non-alcoholic beverages 1.5 percent, housing utilities 8.3
percent, transportation 7.0 percent, communications 8.0
percent, and recreation and culture 0.3. In the same month, the
price of clothing and footwear was up by 4.6 percent, of
household furnishings and operations 5.2 percent, healthcare
6.2 percent and education 12.4 percent
In November, the value of the riel was up against the US
dollar, while stable against the Thai baht and Vietnamese
dong, compared with the previous month. The riel traded at
KHR 4155/USD, KHR 126/ baht, and KHR 23 per 100 dong.
In September, the 12-month interest rate on riel bank loans
was 0.3 percent higher than in the preceding month and on
dollar loans was up by 0.7 percent. During the same period,
net foreign assets rose by 4.0 percent and private sector credit
by 1.0 percent and liquidity by 3.4 percent, while government
deposits fell by 5.5 percent. Additionally, total liquidity (M2)
increased by an annualised rate of 70 percent, and money
(M1) by 25 percent. The growth of M2 over the previous 12
months was 46 percent.
In November, gasoline and diesel fuel prices increased by 1.0
and 1.1 percent, respectively from the preceding month.
Gasoline sold for KHR3940/ℓ and diesel at KHR3390/ℓ. The
Cambodia Development Resource Institute – Page 2

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Cambodia Economic Flash Report –December 2009
price of rice in Battambang rose 2.0 percent to KHR2600/kg,
while in Kampot it fell 13 percent. The rice price was stable in
Kompong Speu at KHR2500/kg, Kompong Cham at
KHR2600/kg, Siem Reap at KHR2500/kg and Svay Rieng at
KHR2600/kg. The fish price shrank by 17 percent in both
Battambang and Siem Reap, by 21 percent in Kompong Speu,
by 3.3 percent in Kampot and by 23 percent in Svay Rieng.
The price of pork dropped by 6.3 percent in Kompong Speu
and 2.8 percent in Kampot, while it increased by 3.2 percent
in Battambang. The pork price was constant in Kompong
Cham, Siem Reap and Svay Rieng
In October, the price of rice in the Thai market rose by 3.5
percent from USD593/tonne to USD614/tonne, while rubber
was unchanged from the previous month and maize and maize
products price decreased by 0.2 percent to USD187/tonne. In
the Vietnamese market, rice rose by 7.4 percent to
USD397/tonne, rubber by 8.7 percent to USD1842 and
cashew nuts by 3.5 percent to USD5250.
In October, international arrivals to Vietnam fell by 25
percent compared with September. The decrease was due to a
fall in tourist (25 percent), business (21 percent) and other (33
percent) arrivals.
In October, the year-on-year inflation rates in Japan and the
USA were -0.2 percent and in the Euro zone -0.1 percent,
while in Hong Kong it was 2.2 percent, in South Korea 2.0
percent and in China -0.5 percent. Inflation in Malaysia was -
1.6 percent, in Singapore -0.8 percent and in Thailand 0.4
percent.
In November, the value of Korean won depreciated by 0.9
percent from the preceding month against the US dollar, while
the Hong Kong dollar remained stable at HKD7.75/USD. The
value of Japanese yen depreciated by 1.3 percent against the
US dollar, the Euro by 0.7 percent, the Singapore dollar by 0.7
percent and the Thai baht by 0.4 percent.
During the same month, the price of soybeans on the world
market moved higher from the previous month by 2.5 percent
to USD393.6/tonne, maize by 3.8 percent to USD172/tonne
and rubber by 8.2 percent to USD2496/tonne.
Cambodia Development Resource Institute – Page 3
 Cambodia Economic Flash Report –December 2009
skmµPaBesdækic©sMxan;² nig éføTMnijenAkm<úCa
Main Economic Activities and Consumer Prices in Cambodia
Services Sector Approvals by CDC Foreign Visitor Arrivals
2007 Q1–2009 Q3 August 2008–October 2009
4500

4000 250
Other
3500 Business
Holiday
3000 200

000' persons
2500
14
USD m

3 3
2000 150
14 12 10
1500

1000 100

500
129 133
0 50
07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3
139
Hotels 0.0 0.0 2.9 0.0 0.0 0.0 0.0 323.8 0.0 0.0 17.2

Tourism 140.3 55.0 650.9 199.2 93.7 4015.0 3481.3 844.3 254.1 0.0 133.02

Others 195.4 83.0 304.0 111.9 54.5 49.9 969.3 171.4 241.5 0.0 21.097 0

Aug 08

Feb 09

Aug 09
Dec 08

Apr 09
Oct 08

Jun 09

Oct 09
Including expansion projects.
Source: Council for the Development of Cambodia
Source: Ministry of Tourism
Phnom Penh: Value of Construction Approvals Phnom Penh: Inflation
June 2008–August 2009 Year-on-Year Percentage Changes
for October 2009
300 Other 15 12.4
Flats
250
Villas &hous es 10
4.6 5.2
200 5
-7
USD m

150 -1.5
0
6.2 -0.3
100 -1.6
-5

50 -10 -8.3 -8

All ite m s F o o d & no n-a lc o ho lic be ve ra ge s

0 C lo thing a nd fo o twa re Ho us ing a nd utilitie s
Aug 08

Aug 09
Jun 08

Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

HH furnis hings a nd o pe ra tio ns He a lth

Tra ns po rt C o m m unic a tio ns
R e c re a tio n a nd c ulture Educ a tio n

Source: Municipality of Phnom Penh Source: National Institute of Statistics

Phnom Penh: Gasoline & Diesel Prices Interest Rates on 12-Month Bank Loans (%)
September 2008–November 2009 June 2008–September 2009
6000 25 22.45 16.45 23.02

5000
3940

20

4000
15
Riels/ℓ

16.33
3000
3390

15.86 23.08
10
2000 Diesel Riel loan rate
Gasoline 5 Dollar loan rate
1000
0
0
Nov 08

May 09
Jul 08

Sep 08

Jul 09

Sep 09
Jan 09

Mar 09
Sep 08

Jul 09

Sep 09
Nov 08

Jan 09

Mar 09

May 09

Nov 09

Source: CDRI Source: Economic & Monetary Statistics, NBC

Cambodia Development Resource Institute – Page 4

 Cambodia Economic Flash Report –December 2009
sßanPaBGRtabþÚrR)ak; nig CMnYyGPivDÆn_BIeRkARbeTs
Exchange Rates and External Development Assistance
Riels per US Dollar Riels per THB & VND
September 2008–November 2009 September 2008–November 2009

4172
132 37

4155
4200
130 35

125.8
4150

125.4
128 33

KHR per VDN100

4093

4156

KHR per Baht

126 31

4138
4100
124 29

117.0
122 27
4077

4050
120 25
4000 Market rate 118 23

24.3

23.5
23.3
116 21
Official rate
3950 114 19

Sep 08

Jul 09

Sep 09
Nov 08

Jan 09

Mar 09

May 09

Nov 09
3900
Sep 08

Jul 09

Sep 09
Nov 08

Jan 09

Mar 09

May 09

Nov 09
Thai baht (left)
Vietnames e do ng (right)

Source: National Bank of Cambodia

Source: National Bank of Cambodia
Monetary Survey (%) Domestic Credit (%)
July 2008–September 2009 July 2008–September 2009
200 180 110
160 100
150 140 90
120 80
100
100 70
50 80 60
60 50
0 40 40
20 30
-50 0 20
-20 10
-100 -40 0
Jul 08

Sep 08

Jul 09

Sep 09
Nov 08

Jan 09

Mar 09

May 09

Jul 08

Sep 08

Nov 08

Jan 09

Jul 09

Sep 09
Mar 09

Annualised growth rate (M2) May 09

Annualis ed change in domes tic credit (left)
Annualised growth rate (M1) Annualis ed change in private s ecto r credit (left)
Growth over the previous 12 months (M2) P revio us 12 mo nths ' growth in do mes tic credit (right)

Source: National Bank of Cambodia

Source: National Bank of Cambodia
Monetary Operations External Development Assistance Disbursement:
July 2008–September 2009 Environment & Conservation
14000 35 2000–2007
12000
10000 30
8000
KHR bn

6000 25
4000
2000 20
USD m

0
-2000 15
-4000
-6000 10
Jul 08

Sep 08

Jul 09

Sep 09
Nov 08

Jan 09

Mar 09

May 09

0
Liquidity Net Foreign Assets
Private Sector Credit Government Deposits 2000 2001 2002 2003 2004 2005 2006 2007
Other

Source: National Bank of Cambodia Source: Cambodia Aid Effectiveness Report 2007, CDC

Cambodia Development Resource Institute – Page 5

 Cambodia Economic Flash Report –December 2009
BaNiC¢kmµeRkARbeTs nig karGnuvtþfvikaCati
External Trade and National Budget Operations
Imports: Cigarettes & Construction Materials Cambodia: Main Exports
June 2008–August 2009 June 2008–August 2009
120 400 8
350 7
100
300 6
12.6
80 250 5

USD m

USD m
17.2 12.6 13.9 200 4
KHR bn

60
20.4 13.0 150 3
100 2
40
64.3 52.7 50 1
Cigarettes Cement Steel
20 45.5 0 0

Aug 08

Feb 09

Aug 09
Dec 08

Apr 09
Jun 08

Oct 08

Jun 09
0
Aug 08

Aug 09
Jun 08

Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

Total exports (left) Garments (left)

Rubber (right) Fish (right)

Source: Economic & Monetary Statistics, NBC

Source: Economic & Monetary Statistics, NBC
Imports: Petroleum Products Current Budget Operations
June 2008–August 2009 August 2008–October 2009
132.0

140 250
108.3

120 200
99.9

150
100 95
100
KHR bn

80 33 32
KHR bn

50
60 0
40 -50
-100
20
-150
0 -200
Aug 08

Aug 09
Jun 08

Dec 08

Feb 09

Jun 09
Oct 08

Apr 09

Aug 08

Aug 09
Dec 08

Feb 09

Jun 09
Oct 08

Apr 09

Oct 09
Source: Economic & Monetary Statistics, NBC Source: MEF Bulletin
Current Budget Revenue Current Budget Expenditure
August 2008–October 2009 August 2008–October 2009
600 1400
1200
500
41 1000
121
KHR bn

400 46 67 800
KHR bn

600 49
300 96 106 222
93 400
200 200 392
Non-tax
233
241 Import and Expo rt taxes 0
100 Domes tic taxes
Aug 08

Aug 09
Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

Oct 09

251
0
Aug 08

Aug 09
Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

Oct 09

Other services
Subsidies and social assistance
Wages
Current expenditure
Source: MEF web site
Source: MEF web site

Cambodia Development Resource Institute – Page 6

 Cambodia Economic Flash Report –December 2009
éføes,ógGahartamextþkñúgRbeTskm<úCa
Provincial Food Prices
Cambodia: Food Prices in Siem Reap Province Cambodia: Food Prices in Battambang Province
September 2008–November 2009 September 2008–November 2009

21500 27000 21500 27000

18000 23000 18000 23000
14500 19000 14500 19000

Riels/kg

Riels/kg
Riels/kg

Riels/kg
11000 15000 11000 15000
7500 11000 7500 11000
4000 7000 4000 7000
500 3000 500 3000

Jul 09
Sep 08
Nov 08
Jan 09
Mar 09
May 09

Sep 09
Nov 09
Jul 09
Sep 08
Nov 08
Jan 09
Mar 09
May 09

Sep 09
Rice-Phka Knhei (left) Nov 09
Fresh fish (left) Rice-Phka Knhei (left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right) 1st quality pork (right) 1st quality beef (right)
Source: CDRI
Source: CDRI
Cambodia: Food Prices in Kg Cham Province Cambodia: Food Prices in Kampot Province
September 2008–November 2009 September 2008–November 2009
21500 27000
21500 27000
18000 23000
18000 23000
14500 19000
Riels/kg

Riels/kg

14500 19000

Riels/kg
Riels/kg

11000 15000 11000 15000

7500 11000 7500 11000
4000 7000 4000 7000
500 3000
500 3000

May-09
Nov-08

Nov-09
Sep-08

Jul-09
Jan-09
Mar-09

Sep-09
Jul 09
Sep 08
Nov 08
Jan 09
Mar 09
May 09

Sep 09
Nov 09

Rice-Phka Knhei(left) Fresh fish (left) Rice-Phka Knhei(left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right) 1st quality pork (right) 1st quality beef (right)

Source: CDRI
Source: CDRI
Cambodia: Food Prices in Svay Rieng Province Cambodia: Food Prices in Kg Speu Province
September 2008–November 2009 September 2008–November 2009
21500 27000 25000 31000
18000 23000 21500 27000
18000 23000
14500 19000
Riels/kg

Riels/kg
Riels/kg

Riels/kg

14500 19000
11000 15000 11000 15000
7500 11000 7500 11000
4000 7000 4000 7000
500 3000
500 3000
May 09
Nov 08

Nov 09
Sep 08

Jan 09
Mar 09

Sep 09
Jul 09
May-09
Nov-08

Nov-09
Sep-08

Jan-09
Mar-09

Jul-09
Sep-09

Rice-Phka Knhei (left) Fresh fish (left)

Rice-Phka Knhei (left) Fresh fish (left)
1st quality pork (right) 1st quality beef (right) 1st quality pork (right) 1st quality beef (right)

Source: CDRI Source: CDRI

Cambodia Development Resource Institute – Page 7

 Cambodia Economic Flash Report –December 2009
éføTMnijtamextþkñúgRbeTskm<úCa³ tammuxTMnij
Provincial Goods Prices in Cambodia by Products
Cambodia: Rice Prices in Three Provinces Cambodia: Rice Prices in Three Provinces

3500 3500

2500
2600

2600
2600

2600
3000 3000

2600

2500

2500
2800
2500 2500

2600
2600
2700

2500

2500

2250
2500 2000

Riels/kg
2475

2500
2000
Riels/kg

2550

2400

2600
2900
2550

2500
1500

2600
1500
2500

2400
2550
1000
1000 Battambang Kampot

2500
2200

Kompong Speu 500 Siem Reap

500 Svay Rieng
Kompong Cham
0
0
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09

Source: CDRI Source: CDRI

Cambodia: Fish Prices in Three Provinces Cambodia: Fish Prices in Three Provinces

16000 Battambang
Kompong Speu 16000 Battambang
14000 Kompong Cham
11250

Kompong Speu
11000

14000
10000

Kompong Cham

11250
12000

11000
12500

10000
12000
11000

10000

12500
12000
11750
Riels/kg

11000
10000
13500

8000
12000

12750

12000
11750
Riels/kg
10250

14000

13500
8000
12000

12750
9750

6000

10250
12250

14000
6000

9750
9750

4000
12250

2000 4000
9750

0 2000
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
0
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09
Source: CDRI
Source: CDRI
Cambodia: Pork Prices in Three Provinces Cambodia: Pork Prices in Three Provinces

18500
18000

17500

20000
18000

16000

18000 18000
15000
18000

17500
18000

16000
18000

18000

16000

16000

17000 14000
15000
16000

18000
15000
17000

16500 12000
Riels/kg

16500

16500

Riels/kg

15000
16500

15500

15000

16000 10000
16500

16000
15000

18000
16000
16500

16000

15500 8000
15000 6000
Kampot
14500 Battambang 4000 Siem Reap
16000

Kompong Speu Svay Rieng

14000 2000
Kompong Cham
13500 0
Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09

Source: CDRI
Source: CDRI

Cambodia Development Resource Institute – Page 8

 Cambodia Economic Flash Report –December 2009
éføTMnij karnaMecj nig cMnYneTscrGnþrCatienAkñúgRbeTsCaédKUrbs;km<úCa
Goods Prices, Exports and International Tourist Arrivals to Partners of Cambodia
Thailand: Prices of Rubber, Rice and Maize Vietnam: Prices of Rubber, Rice and Cashew Nuts
August 2008–October 2009 August 2008–October 2009
1400 3000 1400 13000
1200 2500 1200 11000

USD per tonne

USD per tonne

USD per tonne

USD per tonne

1000 2000 1000 9000
800 1500 800 7000
600 1000 600 5000
400 500 400 3000
200 0 200 1000

Oct 08
Dec 08
Feb 09

Jun 09

Oct 09
Aug 08

Apr 09

Aug 09
Aug 08

Aug 09
Dec 08

Feb 09

Jun 09
Oct 08

Apr 09

Oct 09
Rice (left)
Rubber (right) Rice (left) Rubber (right)
Maize and Maize Products (right) Cashew nuts (right)

Source: Bank of Thailand, Foreign Trade and Balance of Payments Source: General Statistics Office of Vietnam
Thailand: Exports Vietnam: Exports
August 2008–October 2009 August 2008– October 2009
800 4.0 480 140
700 3.5
400 120
3.0
600 320 100
USD m

USD m

2.5
USD m

USD m
500 240 80
2.0
400 160 60
1.5
300 1.0 80 40
200 0.5 0 20
Aug 08

Aug 09
Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

Oct 09

Aug-08

Feb-09

Aug-09
Dec-08

Apr-09
Oct-08

Jun-09

Oct-09
Rice (left) Rice (left) Rubber (left)
Natural rubber and similar natural gums (left)
Cashew and similar nuts (right) Cashew nuts (right)

Source: Customs Department of Thailand

Source: General Statistics Office of Vietnam
Thailand: International Arrivals Vietnam: International Arrivals
October 2006–December 2007* August 2008–October 2009

1600 400

1400 Air Land Sea 350

1200 300
000' persons

1000 250
000 persons

800 200
600 150 Others
400
100 Business
200
50 Tourism
0
0
Aug 07
Feb 07

Jun 07
Dec 06

Apr 07

Dec 07
Oct 06

Oct 07

Aug-08

Feb-09

Aug-09
Dec-08

Apr-09
Oct-08

Jun-09

Oct-09

Source: Tourism Authority of Thailand Source: General Statistics Office of Vietnam

*Data are available to December 2007. Data were estimated by the statistics office.

Cambodia Development Resource Institute – Page 9

 Cambodia Economic Flash Report –December 2009
skmµPaBesdækic© nig sßanPaBGRtaGtiprNaénbNþaRbeTsCaédKUrbs;km<úCa
Economic Activity and Inflation Rates of Selected Economic Partners of Cambodia
Year-on-Year Growth of Main Exports: Japan (%) Goods Exports: US, Euro Zone & Japan
October 2008–September 2009 June 2008–August 2009
30 250
20 US Euro zone Japan
10
0 200
-10
-20
-30 150
-40

USD bn
-50
-60 100

Aug 09
Feb 09

Jun 09

Jul 09

Sep 09
Nov 08

Dec 08
Jan 09

Mar 09
Apr 09

May 09
Oct 08

50

Manufactured goods Machinery

Electricial machinery T ransport equipment 0

Aug 08

Feb 09

Aug 09
Dec 08

Apr 09
Jun 08

Oct 08

Jun 09
T otal

Source: Japanese Trade and Investment Statistics

Sources: BEA, Eurostat and OECD
External Trade: Malaysia Inflation Rates: US, Euro Zone & Japan (%)
July 2008–September 2009 (price change from a year earlier)
6
22 USA Euro zone Japan
5
20 Exports
18 Imports 4

16 Trade balance
3
14
2
12
10 1
8 0
6
-1
4
2 -2
0 -3
Nov-08

May-09
Jul-08

Sep-08

Jul-09

Sep-09
Jan-09

Mar-09

Aug-08

Feb-09

Aug-09
Dec-08

Apr-09
Oct-08

Jun-09

Oct-09
Source: Department of Statistics, Malaysia Sources: IMF and Economist (1 December 2009)
Inflation Rate: China, Hong Kong & South Korea (%) Inflation Rate: Selected ASEAN Countries (%)
(price change from a year earlier) (price change from a year earlier)
6 10

5 8
4 6
3
4
2
2
1
0 0

-1 -2
-2 -4
-3
-6
Aug 08

Aug 09
Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

Oct 09

Aug 08

Aug 09
Feb 09

Jun 09
Dec 08

Apr 09
Oct 08

Oct 09

Malaysia Singapore T hailand

China Hong Kong South Korea

S
ources: IMF and Economist (1 December 2009) Sources: IMF and Economist (1 December 2009)

Cambodia Development Resource Institute – Page 10

 Cambodia Economic Flash Report –December 2009
GRtabþÚrR)ak; nig sßanPaBéføTMnijelITIpSarGnþrCati
Exchange Rates and Commodity Prices in World Markets
KRW & HKD per USD EUR & JPY per USD
September 2008–November 2009 September 2008–November 2009
1800 7.78 126 0.87
1600 7.78 122 JPY (left scale) 0.84
1400 7.77 118 EURO (right scale) 0.81
1200 7.77 114 0.78
1000 7.76 110 0.75

EURO
KRW

HKD

JPY
800 7.76 106 0.72
600 7.75 102 0.69
400 KRW (left scale) 7.75 98 0.66
200 HKD (right scale) 7.74 94 0.63
0 7.74 90 0.60

Sep 08

Jul 09

Sep 09
Nov 08

Jan 09

Mar 09

May 09

Nov 09
Sep 08

Jul 09

Sep 09
Nov 08

Jan 09

Mar 09

May 09

Nov 09
Source: Federal Reserve Bank of New York
Source: Federal Reserve Bank of New York
THB & SGD Per USD Rice: International Prices Index & Export Prices
September 2008–November 2009 August 2008–October 2009

1.56 42 850 350

1.53 40 750 300

1.50 38 650 250

USD / tonne FOB

1.47 36 550 200

SGD

THB

IPO
1.44 34 450 150
1.41 32 USA 2/4
SGD (left scale) 350 100
Thai 100% B
1.38 T HB (right scale) 30
250 IPO 50
1.35 28
150 0
Sep 08

Jul 09

Sep 09
Nov 08

Jan 09

Mar 09

May 09

Nov 09

Aug 08

Oct 08

Dec 08

Feb 09

Apr 09

Jun 09

Aug 09

Oct 09
Source: Federal Reserve Bank of New York Sources: Osiriz/InfoArroz and InterRice
Prices: Soybeans, Maize & Rubber Prices: Crude Oil, Gasoline & Diesel
July 2008–September 2009 September 2008–November 2009
700 3500 15 0 1 50
C rude oil: O P E C spot - U S D /barrel
14 0 1 40
G asoline: U S G ulf C oast - U S ce nts/litre (right scale)
600 3000 13 0 1 30
D iesel: low sulphur N o.2 - U S cents/litre (right scale )
12 0 1 20
500 2500 11 0 1 10
USD / tonne FOB

10 0 1 00
400 2000 90 90
US Cent

80 80
USD

300 1500 70 70
60 60
200 1000 50 50
40 40
100 Soybeans: US No.1, Yellow (left scale) 500 30 30
Maize: US No.2, Yellow (left scale) 20 20
Rubber SMR 5 (right scale)
Nov 08

May 09

Nov 09
Sep 08

Jan 09

Mar 09

Jul 09

Sep 09

0 0
Nov 08
Jul 08

Sep 08

Jan 09

May 09

Jul 09

Sep 09
Mar 09

Source: Food and Agriculture Organisation and Malaysian Rubber Exchange Source: US Energy Information Administration

Cambodia Development Resource Institute – Page 11


B½t’manesdækic©
Economic News
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minRKb;RKan; kñúgkarbNþúHbNþalviC¢aCIv³ )anbegáItCabBaðakgVHBlkrCMnaj enAkñúg
RbeTskm<úCa EdlCH\T§iBlelIplitPaB nigkMeNInesdækic©rbs;RbeTs .
edIm,IedaHRsaybBaðaenH RkumRbwkSaPi)alénFnaKarGPivDÆn_GasuI (ADB)
)anyl;RBmpþl;nUvsm,TancMnYn 24/5landuløar ecjBImUlniFiGPivDÆn_GasuIrbs;
xøÜn sMrab;KMeragmYykñúgkarEklMGRbB½n§bNþúHbNþalkarGb;rMviC¢aCIv³ nigbec©keTs
(TVET) rbs;rdæaPi)al edIm,I[RbB½n§enHGaceqøIytbPøam² eTAnwgkMeNIntMrUvkar
kMlaMgBlkmµ EdlmankarGb;rM nigCMnajkargar .
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bnÞab;mkKMrUkarbNþúHbNþalRsedogKñaenH nwgRtUvdak;dMeNIrkarcMeBaH]sSahkmµ
epSg²eTot .
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TMenIb . b:uEnþ vibtþihirBaØvtßúsaklnaeBlfµI²enH )anbg¥ak;el,ÓnénGRtakMeNIn
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sarEtmUldæanesdækic©tUcceg¥ótrbs;xøÜn . ksikmµ plitkmµ nig]sSahkmµ esvakmµ
rYmcMENk 85° kñúgkarpþl;kargar nig 92° eTAkñúgplitplkñúgRsuksrub .
elakRsI Wendy Duncan GñkÉkeTsxagkarGb;rMCamUldæanRKwHén naykdæan
GasuIGaeKñy_rbs;FnaKar ADB )anmanRbsasn_fa {rdæaPi)al kt;sMKal;eXIjfa
bBaðaTak;TgnwgplitPaB nigkarTak;Taj]sSahkmµfµI² KWCaerOgEdlcaM)ac;RtUvEt
edaHRsay edIm,IbegáIncMruHkmµénesdækic©} . Kat; )anelIkeLIgpgEdrfa {rdæaPi)al
manCMenOy:agmutmaMfa RbB½n§ TVET mantYnaTIsMxan; kñúgkarBüayamedaHRsay
bBðaRbQmTaMgenH ehIy rdæaPi)alkt;sKM al;eXIj nUvtMrUvkarERbkøayRbB½n§ TVET
[eTACaRbB½n§bNþúHbNþalRbkbedayKuNPaBmYy kñúgkarbnþCMrujtMrUvkarEdl
Bak;B½n§nwg]sSahkmµ . enAeBldMNalKñaenH rdæaPi)alk¾)ankt;sMKal;eXIjnUv
sar³sMxan;énkarpþl;karbNþúHbNþalCMnajmUldæanminEmnpøÚvkar edIm,ICYydl;yuv
Cn nigGñkminmankareFVIenAtam TICnbT kñúgkarelIkkMBs; R)ak;cMNUlrbs;BYkeK .
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kmµepSg²eTotnaeBlfµI²enH edaysar rgkarb:HTgÁicxøaMg BIvibtþihirBaØvtßúsakl .
eKrMBwgfa enAmunqñaM2020 cMnYnkmµkrEdlFøab;TTYl vKÁbNþúHbNþalBIRbB½n§ TVET
nwgekIneLIg y:agticbMput 30° .
Cambodia Development Resource Institute – Page 12
Cambodia Economic Flash Report –December 2009
Economic News Highlights:
Skilled Workers Key to Cambodia’s Continued Economic
Growth
MANILA, PHILIPPINES – Rising demand for skilled labour and
inadequate investment in vocational training have created a shortage of
skilled workers in Cambodia, impacting on productivity and economic
growth.
To address these constraints, the Asian Development Bank’s Board of
Directors has approved a USD24.5 million grant from its concessional
Asian Development Fund for a project to improve the government’s
technical and vocational education training (TVET) system to make it
more responsive to the country’s growing need for a skilled and educated
workforce.
The project will provide an expanded and more integrated training system
that is endorsed by industry and better aligned with the skills requirements
of the formal and informal economies. Initially, the project will focus on
three industry sectors – mechanics, construction, and business services and
information and communication technology – to develop models for
formal and non-formal training programmes. Later, similar training
models will be rolled out for other industries.
Cambodia’s economy has grown significantly over the past decade, as the
country transitions from a traditional agrarian base to a modern
industrialised economy. However, the recent global financial crisis has
significantly slowed Cambodia’s economic growth rate and highlighted
the country’s vulnerability to shocks due to its narrow economic base.
Agriculture, manufacturing and the services industry account for 85
percent of employment and 92 percent of its gross domestic product.
“The government recognises that the issue of productivity must be
addressed, as must the need to attract new industries to increase the
diversification of the economy”, said Wendy Duncan, principal education
specialist in ADB’s Southeast Asia Department. “It strongly believes that
TVET has an important role to play in the effort to meet these challenges,
and it recognises the need to transform TVET into a quality, demand-
driven training system that is relevant to industry.” At the same time, the
government recognises the continuing importance of providing non-
formal basic skills training to help the young and unemployed in rural
areas raise their incomes.
The primary beneficiaries of the project will be the rural underemployed,
including workers recently displaced from the garment and other
industries hit hard by the global financial crisis. As well, by 2020 it is
expected that there will be at least a 30 percent increase in the number of
employees holding formal TVET qualifications.
“Beneficiaries will acquire skills responsive to the needs of industries,
which should raise productivity and incomes and benefit the economy as a
whole”, said Ms Duncan.
The government will contribute USD3 million toward the project's total
cost of USD27.52 million. The executing agency is the Ministry of Labour
and Vocational Training. (Source: Asian Development Bank December 09)
Links to other economic news:
1. “Cambodia Targets Financial System Reforms to Bolster Growth, Cut
Poverty”
(http://www.adb.org/Media/Articles/2009/13081-cambodian-financial-system-
reforms/)
2. “ASEAN, APEC secretariats take initiative to bolster trade ties in two
regions” (http://news.xinhuanet.com/english/2009-11/13/content_12450629.htm
retrieved on 8/12/09)
3. “Sustainable Urbanization Key to Sustainable Growth, Says ADB”
(http://www.adb.org/Media/Articles/2009/13051-sustainable-economic-
developments/)
Cambodia Economic Flash Report –December 2009

Cambodia Development Resource Institute – Page 2