Friday, 26.10.2007: Foreign Economist: Decline of US Economy May Hurt Cambodia

Posted on 26 October 2007. Filed under: Week 531 |

The Mirror, Vol. 11, No. 531

“Phnom Penh: Mr. Joseph Stiglitz, an economic expert and Economic Nobel Prize Winner, said that Cambodia may be hurt while the United States [US] economy declines.

“He said at the United Nations Development Program office on 25 October that due to an economic decline, approximately 1.7 million US citizens have lost their houses, because they cannot repay loaned money back to the banks.

“He stated, ‘If the income of US citizens goes down, the import of products from other countries goes also down. And US lawmakers may also start to consider new laws to protect their domestic products.’

“So far, the US has been the biggest market for Cambodian garment products in the range of exports worth approximately more than $2 billion per year.

“According to the Chinese Xinhua news agency which quoted the speech of an official of the Ministry of Commerce, in five months of 2007, the worth of garment export from Cambodia to the US resulted in about $984.9 million for Cambodia.

“Concerning the situation in Cambodia, that approximately more than 80% of the citizens are farmers, the economist urged Cambodia to try to strongly promote agriculture, because agriculture is the main strength of the Cambodian economy.

“He continued, ‘Cambodia should improve agriculture so that it becomes a potential for the economy.’

“He stated that agriculture is also a field that can lead to exports, if Cambodia achieves the necessary standards; and in order to make this field work so that Cambodia can export, Cambodia has to improve the provision of credit financings, increase services for the promotion of improved techniques, and promote investments in infrastructure which will serve this field.

“Mr. Joseph Stiglitz is an economist who got the Nobel Prize in Economics in 2001. He visited Cambodia for two days on 24-25 October.

“During the visit to Cambodia, he met and discussed with Samdech Prime Minister Hun Sen, parliamentarians, senators, development partners, and many civil society organizations.” Rasmei Kampuchea, Vol.15, #4420, 26.10.2007

Newspapers Appearing on the Newsstand:
Friday, 26 October 2007


Areyathor, Vol.14, #1280, 26-27.10.2007

  • Son of a Naval General Released after Being Held on Accusation of Making a Threat against CTN [Cambodian Television Network] Reporter


Kampuchea Thmey, Vol.6, #1476, 26.10.2007

  • Ministry of Tourism Supports Plan to Suspend Airline Companies from Using Old Planes
  • Government Installs New National Radio Station [FM92.5MHz] in Takeo
  • Minister of Information Gives Recommendations to East Timor Journalists [who visit Cambodia, recommending to form a journalists’ association, also to be internationally visible and to attract the possibility to share international experience]


Khmer Machas Srok, Vol.1, #44, 26-27.10.2007

  • Mr. Sam Rainsy: Voters in the 2008 National Election Have a Real Choice Only Between Two Parties [Cambodian People’s Party and Sam Rainsy Party]
  • Siamese [Thai troops] Prevent HALO Trust from Demining in Cambodia [Oddar Meanchey]
  • Quietly, Yuon [Vietnam] Secretly Puts Border Mark Encroaching on Khmer Land in Svay Rieng [according to people in Svay Rieng]


Koh Santepheap, Vol.40, #6176, 26.10.2007

  • North Korean Prime Minister Will Visit Cambodia [on 1-4 November 2007]
  • Samdech Akkak Moha Senapadei Dekchor [Royal title recently given by the King] Hun Sen Receives Certificate from ACCD [Association of Certified Commercial Diplomats]
  • US Ambassador Meets Cambodian Muslim Religious Leaders


Moneaksekar Khmer, Vol.14, #3295, 26.10.2007

  • Ieng Thirith [Khmer Rouge Minister of Foreign Affairs Ieng Sary’s wife] Lived in Fear of Imprisonment Until She Got Mentally Ill [mocking]
  • Yuon [Vietnamese] Immigrants Are Important Hope for CPP in 2008 National Election


Rasmei Angkor, Vol.14, #1239, 26.10.2007

    Sam Rainsy Party Parliamentarian [Son Chhay form Phnom Penh] Protests over Licenses for Two New Television Stations [Southeast Asia Television and another unnamed one]


Rasmei Kampuchea, Vol.15, #4420, 26.10.2007

  • Foreign Economist: Decline of US Economy May Hurt Cambodia
  • Minister of Information Is Proud that Cambodian Journalists Increasingly Get More Knowledge [in journalism]


Samleng Yuvachun Khmer, Vol.14, #3169, 26.10.2007

  • Lack of Resources Will Extend Khmer Rouge Tribunal to 2010

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[…] Friday, 26.10.2007: Foreign Economist: Decline of US Economy May …“According to the Chinese Xinhua news agency which quoted the speech of an official of the Ministry of Commerce, in five months of 2007, the worth of garment export from Cambodia to the US resulted in about $984.9 million for Cambodia. … […]


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