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for October 2009 Source: National Institute of Statistics
Phnom Penh: Gasoline & Diesel Prices September 2008–November 2009
3390
3940
0
1000
2000
3000
4000
5000
6000
Sep
08
Nov
08
Jan
09
Mar
09
May
09
Jul 0
9
Sep
09
Nov
09
Riel
s/ℓ
Diesel
Gasoline
Source: CDRI
Interest Rates on 12-Month Bank Loans (%) June 2008–September 2009
22.45
23.08
23.02
15.86
16.45
16.33
0
5
10
15
20
25
Jul 0
8
Sep
08
Nov
08
Jan
09
Mar
09
May
09
Jul 0
9
Sep
09
Riel loan rateDollar loan rate
Source: Economic & Monetary Statistics, NBC
0
50
100
150
200
250
300
Jun
08
Aug
08
Oct
08
Dec
08
Feb
09
Apr
09
Jun
09
Aug
09
USD
m
OtherFlatsVillas & houses
-1.6
-1.5
4.6
-8.3
5.2
6.2
-7
-8
-0.3
12.4
-10
-5
0
5
10
15
All items Fo o d & no n-a lco ho lic beveragesClo thing and fo o tware Ho us ing and utilitie sHH furnis hings and o pera tio ns HealthTrans po rt Co mmunicatio nsRecrea tio n and culture Educatio n
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 5
sßanPaBGRtabþÚrR)ak; nig CMnYyGPivDÆn_BIeRkARbeTs Exchange Rates and External Development Assistance Riels per US Dollar
September 2008–November 2009
Source: National Bank of Cambodia
Riels per THB & VND September 2008–November 2009
Source: National Bank of Cambodia
Monetary Survey (%) July 2008–September 2009
-100
-50
0
50
100
150
200
Jul 0
8
Sep
08
Nov
08
Jan
09
Mar
09
May
09
Jul 0
9
Sep
09
Annualised growth rate (M2)Annualised growth rate (M1)Growth over the previous 12 months (M2)
Source: National Bank of Cambodia
Domestic Credit (%) July 2008–September 2009
-40-20
020406080
100120140160180
Jul 0
8
Sep
08
Nov
08
Jan
09
Mar
09
May
09
Jul 0
9
Sep
09
0102030405060708090100110
Annualised change in domes tic credit (left)Annualised change in private sector credit (left)P revious 12 months ' growth in domes tic credit (right)
Source: National Bank of Cambodia
Monetary Operations July 2008–September 2009
Source: National Bank of Cambodia
External Development Assistance Disbursement: Environment & Conservation
2000–2007 Source: Cambodia Aid Effectiveness Report 2007, CDC
4093
4172
4155
4077
4156
4138
3900
3950
4000
4050
4100
4150
4200Se
p 08
Nov
08
Jan
09
Mar
09
May
09
Jul 0
9
Sep
09
Nov
09
Market rate
Official rate
117.
0
125.
412
5.8
24.3
23.5
23.3
114116118120122124126128130132
Sep
08
Nov
08
Jan
09
Mar
09
May
09
Jul 0
9
Sep
09
Nov
09
KH
R pe
r Bah
t
19212325272931333537
KH
R pe
r VD
N10
0
Thai baht (left)Vietnamese dong (right)
-6000-4000-2000
02000400060008000
100001200014000
Jul 0
8
Sep
08
Nov
08
Jan
09
Mar
09
May
09
Jul 0
9
Sep
09
KH
R bn
Liquidity Net Foreign Assets Private Sector Credit Government DepositsOther
0
5
10
15
20
25
30
35
2000 2001 2002 2003 2004 2005 2006 2007
USD
m
Cambodia Economic Flash Report –December 2009
Cambodia Development Resource Institute – Page 6
BaNiC¢kmµeRkARbeTs nig karGnuvtþfvikaCati External Trade and National Budget Operations
Imports: Cigarettes & Construction Materials June 2008–August 2009
Source: Economic & Monetary Statistics, NBC
Cambodia: Main Exports June 2008–August 2009
0
50
100
150
200
250
300
350
400
Jun
08
Aug
08
Oct
08
Dec
08
Feb
09
Apr
09
Jun
09
Aug
09
USD
m
0
1
2
3
4
5
6
7
8
USD
m
Total exports (left) Garments (left)Rubber (right) Fish (right)
Source: Economic & Monetary Statistics, NBC
Imports: Petroleum Products June 2008–August 2009
Source: Economic & Monetary Statistics, NBC
Current Budget Operations August 2008–October 2009
Source: MEF Bulletin Current Budget Revenue August 2008–October 2009
Source: MEF web site
Current Budget Expenditure August 2008–October 2009
Source: MEF web site
251
233241
10693
96
6741
46
0
100
200
300
400
500
600
Aug
08
Oct
08
Dec
08
Feb
09
Apr
09
Jun
09
Aug
09
Oct
09
KH
R bn
Non-taxImport and Export taxesDomes tic taxes
64.345.5
52.7
17.2
20.4 13.0
12.6
12.6 13.9
0
20
40
60
80
100
120Ju
n 08
Aug
08
Oct
08
Dec
08
Feb
09
Apr
09
Jun
09
Aug
09
KH
R bn
Cigarettes Cement Steel
132.
010
8.3
99.9
0
20
40
60
80
100
120
140
Jun
08
Aug
08
Oct
08
Dec
08
Feb
09
Apr
09
Jun
09
Aug
09
KH
R b
n 32
95
33
-200-150-100-50
050
100150200250
Aug
08
Oct
08
Dec
08
Feb
09
Apr
09
Jun
09
Aug
09
Oct
09
KH
R bn
392
22249
121
0
200400
600
800
10001200
1400
Aug
08
Oct
08
Dec
08
Feb
09
Apr
09
Jun
09
Aug
09
Oct
09
KH
R bn
Other servicesSubsidies and social assistanceWagesCurrent expenditure
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/)