The Effects of Cambodia Economy on Asean Economic Moving Forward

Royel Yonn

Abstract

In this research paper, we will examine the effects of the economy of Cambodia, a member of the Association of Southeast Asian Nations (ASEAN), on moving the ASEAN Economic Community (AEC) forward. We will support our research by using evidence that reviews the contribution of economic sectors boosting economic growth between 6.8 percent and 7 percent over the past decade (World Bank, 2016). Recently, The Ministry of Economy and Finance of Cambodia (MoEF) used three main economic sectors—services, agriculture, and industries—to forecast the economic growth for the years to come. We have reviewed a few articles related to the economic growth in Cambodia and found that the three sectors play a vital role in forming the backbone of prosperity in Cambodian development. In fact, these economic sectors contributed greatly to the Cambodian economy, and together with the stability of macroeconomic policies they help alleviate poverty in the country. Therefore, our paper will focus strongly on: 1. The services sector that is heavily concentrated on tourism; 2. The agriculture sector that is used to scrutinize the sources of rice productivity; 3. The industries sector used to investigate garment and footwear exports. Based on our observations, there are plenty of economic resources available for Cambodia to use to increase its Gross Domestic Product (GDP) growth rate to double digits. So, Cambodia needs to strategically institute and improve the quality of the tourism business, agriculture goods, and industrial manufacturing to achieve a prosperous and fair economy.


Keywords

Cambodia Economy in ASEAN, Cambodia Economic Growth, ASEAN Moving Forward

Full Text:

PDF

References

Economic Outlook for Southeast Asia, China and India. (2014). Structural Policy Country Notes Cambodia. 4.

Trading Economics. (2017). Cambodia-Agricultural land (% of land area). Retrieved from https://tradingeconomics.com/cambodia/agricultural-land-percent-of-land-area- wb-data.html

The World Bank Group. (2017). Cambodia Agricultural in Transition: Opportunities and Risks. Retrieved from http://www.worldbank.org/en/country/cambodia/publication/cambodian- agriculture-in-transition-opportunities-and-risks

Sokhorng, C. (2016, Jan 11). Rice exports miss the mark again. The Phnom Penh Post. Retrieved from http://www.phnompenhpost.com/business/rice-exports-miss-markagain

Workman, D. (April 13, 2017). Rice Exports by Country. Retrieved from http://www.worldstopexports.com/rice-exports-country/

Thai PBS Reporters. (2015). Commerce Ministry: Rice Export for 2015 the Highest in History. Thai PBS.

World Grain Staff. (2016). Vietnam rice exports increase due to unexpected year-end demand. World-Grain.com. Retrieved from http://www.world-grain.com/articles/news_home/World_Grain_News/2016/01/Vietnam_rice_exports_in crease.aspx?ID=%7BAF56332C-6074-4B54-A97C-7C1414DB34F3%7D

Sokhorng, C. (2017, Jan 6). A challenging year for rice export. The Phnom Penh Post. Retrieved from http://www.phnompenhpost.com/business/challenging-year-riceexports

Deutshe Zusammenarbeit. (2017). Cambodia Garment and Footwear Sector Bulletin. International Labour Organization (ILO). 1-10.

Better Factories Cambodia. (2017). The Garment Industry. Retrieved from http://betterfactories.org/?page_id=25

ASEAN Secretariat News. (August 19th, 2015). ASEAN GDP Grows by 4.6%. Retrieved from http://asean.org/asean-gdp-grows-by-46/

IMF. (2017). Real GDP Growth. International Monetary Fund. Retrieved from http://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/W EOWORLD/SEQ/KHM

ASEAN (Publication). (n.d.). Retrieved from http://www.asean.org/storage/2012/05/ATSP2016-2025.pdf

Thailand in World Top 10 for Long Term Tourism Growth: WTTC. (2017, March 21). The Nation. Retrieved from http://www.nationmultimedia.com/news/business/EconomyAndTourism/30309754

Tourism Statistics Report (Rep.). (n.d.). Retrieved from http://www.tourismcambodia.org/images/mot/statistic_reports/Executive%20Summar y%20Report%20in%20March%202017.pdf

Royal Government of Cambodia (2015). Cambodia Industrial Development policy 2015-2025: Market orientation and enabling environment for industrial development. Council for the Development of Cambodia, 3, 15-26. Retrieved May 30, 2017, from Council for the Development of Cambodia Website: http://www.cambodiainvestment.gov.kh/content/uploads/2015/09/IDP-EnglishVersion-FINAL1.pdf