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Economic Analysis

Essay by   •  April 10, 2013  •  Essay  •  1,002 Words (5 Pages)  •  1,320 Views

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Analyzing Cambodia's growth

and development tools and policy

I. Discuss what Cambodia should and can do to speed up and sustain growth and development.

Before the global economic crisis from 1997 to 2008, Cambodia had enjoyed economic growth maybe more than nine percent per, which making the country one of the best performers in the Southeast Asian. This growth through four main sectors: clothing, tourism, construction and agriculture. However, we have to considering how to sustain growth of these main sectors become more productive. The best component for improving and speed up those sectors base on three strategies such as:

First, the government has to increasing public investment in physical infrastructure, such as construction and repair of bridges, roads and irrigation systems to improve connectivity and agricultural productivity, electricity network and clean water supply system, and building and training of Cambodian laborers. This has laid a good foundation to expand growth and ensure sustainable development.

Second, we must expand our sources of growth by finding the partner to create the opportunity of exporting our products in local and international region. Nowadays we already the member of ASEAN, we could promote our domestic product in the ASEAN Member country's market through strengthening free market policy within the ASEAN region. Stronger than this, we should consider to US and EU market even thought their economic still facing some risks, those are likely to be only temporary. In order to make our product can compete in the international market; Cambodia also needs to develop a processing and packaging industry for its agricultural products, and handicraft products to become standard for get more competitive in the market.

Third, we need to strengthen the implementation of the policy of integrating national economy into regional with active participation in the initiative of all the bilateral, multilateral, regional, and sub-regional cooperation framework. We must welcome investments in all sectors, including banking, insurance, and telecommunications. The Royal Government should establish the law, which allow the investors could own 100 per cent of their business in Cambodia that in most countries 100 per cent foreign ownership is not allowed. For example, the agricultural sector in Cambodia today is unexploited and offers tremendous potential, but without investment our cultivated land remains largely unproductive and idle. Thus, we need to transfer those idle land to productive land.

Fourth, Approximately 80% of Cambodian people are living in the rural areas, and about 70% of total labor force is in the agriculture sector. Agriculture has a high potential for development because of favorable climate and terrain, abundant water and good irrigation. With the use of modern technology and better agricultural techniques such as the use of vehicles, seeds and fertilizers agricultural productivity could be further improved. We have many opportunities to diversify the economic growth base by promoting agricultural development. Agricultural development will also help us effectively address the poverty issue that is ubiquitous in the rural areas of Cambodia, because Agriculture has contributed

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