Download - Cambodia: Economic Setting
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Economic Setting:
Cambodia
Reported by:
Caren Joy S. Pacaco
(BSEd 3-B, Group 8)
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Economic Setting:
Cambodia
• Cambodia is one of the world’spoorest nations. In 2006 its totalgross domestic product (GDP)was $7.3 billion, yielding a percapita GDP of just $511.30,among the lowest in the world.
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Economic Setting:
Cambodia
Even before being plunged intocivil conflict in the 1970s,Cambodia lacked significantindustrial development, withmost of the labor force engagedin agriculture. The country wasself-sufficient in food and
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Economic Setting:
Cambodia
produced exportable surplusesof its principal crops of rice andcorn. In spite of relatively lowyields and a single harvest peryear, Cambodia annuallyexported hundreds of thousandsof tons of rice.
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Economic Setting:
Cambodia
The civil war from 1970 to 1975,the Khmer Rouge regime from1975 to 1979, and the Cambodia-Vietnam War from 1978 to 1979virtually destroyed Cambodia’seconomy. By 1974, underwartime conditions, rice had to
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Economic Setting:
Cambodia
be imported, and production ofCambodia’s most profitableexport crop, rubber, fell offsharply. The civil unrest alsodisrupted Cambodia’s fledglingmanufacturing industry andseverely damaged road and railnetworks.
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Economic Setting:
Cambodia
In 1975 the newly installedKhmer Rouge governmentnationalized all means ofproduction in Cambodia. Moneyand private property wereabolished, and agriculture wascollectivized (ownership was
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Economic Setting:
Cambodia
transferred to the people as agroup, represented by the state).The Khmer Rouge Four-YearPlan, a utopian documentdrafted in 1976, envisagedmultiple plantings of rice and avastly expanded irrigation
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Economic Setting:
Cambodia
system. The plan aimed toincrease income from exports ofrice and other products and touse this income to buymachinery with which toindustrialize the country. TheFour-Year Plan was poorly
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Economic Setting:
Cambodia
thought out, brutally enforced,and unsuccessful. Riceproduction rose slightly, butbetween 1976 and 1978,hundreds of thousands of peopledied from malnutrition,overwork, and mistreated or
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Economic Setting:
Cambodia
misdiagnosed diseases. TheKhmer Rouge executed hundredsof thousands more people whomthey judged to be enemies of theregime. The atrocities of theKhmer Rouge period decimatedCambodia’s labor force.
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Economic Setting:
Cambodia
After the Khmer Rouge wereoverthrown in early 1979, thegovernment’s grip on agriculturalproduction loosened, andmillions of Cambodiansattempted to resume their livesas subsistence farmers. By the
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Economic Setting:
Cambodia
mid-1990s Cambodia once againachieved self-sufficiency in riceproduction and began to exportsmall quantities of rice. Thecountry’s infrastructureimproved gradually in the 1990s,largely due to massive infusions
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Economic Setting:
Cambodia
Cambodia’s poverty is maskedby the apparent prosperity ofsections of Phnom Penh.
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Economic Setting:
Cambodia
In 2006 Cambodia had a laborforce of 6.9 million. Agriculturewas the largest employer,engaging 60 percent of theworkers. It is followed byservices (27 percent) andindustry (13 percent).
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Economic Setting:
Cambodia
Underemployment in urbanareas is high, and workingconditions in developingindustries, such as clothingmanufacturing, are poor. Effortsto unionize factory workers haveencountered significantopposition from factory owners.
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Economic Setting:
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Agriculture is the largest sectorof Cambodia’s economy,contributing 30 percent of theGDP in 2006. Rice is Cambodia’smost important crop and thestaple food of the Khmer diet.More than one-half of cultivated
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Economic Setting:
Cambodia
land—much of it of poorquality—is planted in rice.Rubber, Cambodia’s otherimportant export crop, is grownin plantations in the eastern partof the country. Corn, cassava,soybeans, palm sugar, and
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Economic Setting:
Cambodia
pepper are also growncommercially, while cucumbersand fruits, including mangoes,bananas, watermelons, andpineapples, are raised for localconsumption. Chicken and pigsare widely domesticated, while
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Economic Setting:
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cattle and water buffalo areused for agricultural work.
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Economic Setting:
Cambodia
Services, especially small-scalecommercial activities, accountfor 44 percent of Cambodia’sGDP. Since the late 1980sCambodia has encouragedtourism as an important sourceof foreign exchange, and the
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Economic Setting:
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Cambodia’s unit of currency isthe riel, consisting of 100 sen.The value of the riel shrank from700 riels per U.S.$1 in 1991 to anaverage of 4,103 riels per U.S.$1in 2006. Currency is issued by theNational Bank of Kâmpŭchéa,
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Economic Setting:
Cambodia
established in 1980. There arerelatively few private banks inCambodia. Most of them areforeign-owned banks operatingin Phnom Penh and other cities.
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Economic Setting:
Cambodia
Source:
Microsoft ® Encarta ® 2009. © 1993-2008 Microsoft
Corporation. All rights reserved.
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Economic Setting:
Cambodia
Aw Khun!!!
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Economic Setting
as we
Understanding
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Economic Community
for
establish an
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Republic of the Philippines
CAPIZ STATE UNIVERSITY
Dumarao Satellite College, Dumarao, Capiz
Theme: “Understanding Better the Political, Economic & Socio-Cultural
Settings of Southeast Asian Nations forPeace, Prosperity & People”
May 25, 2015 (8:00-11:30 am)
Campus Library