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Surviving the Global Financial and Economic Downturn - The Cambodia Experience (Hardcover)
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Surviving the Global Financial and Economic Downturn - The Cambodia Experience (Hardcover)
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The global financial and economic shock of 2007-09 is the third
major economic crisis to have buffeted Cambodia in its
post-conflict period, coming in the wake of the food crisis of
2007-08 and just a decade after the Asian financial crisis of
1997-98 (the ""triple crises""). Cambodia's post-conflict history
can be divided into two periods: 1991-98, referred to as the early
phase of transition during which the first of the triple crises,
the Asian financial crisis, occurred; and 1998 to the present, the
late phase of transition during which the food and economic shocks
transpired. A stocktake of the developments in Cambodia's
post-conflict history suggests that the country has come a long way
in reinstituting the foundations of a capitalist economic and
procedural democracy but has yet to make significant headway in
economic sophistication and substantive democracy. The triple
crises were different, yet had similar characteristics. They were
all exogenously-driven shocks with their own specific causes but
their effects were shaped by the country's situation at the time.
In terms of magnitude of impact, the global financial and economic
downturn was the worst of the three crises. That it caused the
first ever growth contraction in the post-conflict period was
sufficient rationale for the series of studies that substantiate
this book. Like the two shocks that preceded it however, the way it
impacted on Cambodia cannot be understood in isolation from the
overall post-conflict milieu. The thesis here is not that
endogenous factors caused the crisis. It is simply that endogenous
factors shaped the impact of the crisis and a historical, as
opposed to a static, analysis better illuminates the nature of the
impact. This book is an in-depth comprehensive examination of the
impact of the global financial and economic crisis on Cambodia. It
probes into the effects of the shock at macro, sectoral and micro
levels using qualitative and quantitative techniques.
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