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Overseas Development Institute

Global Financial Crisis Discussion Series
Paper 4: Cambodia Hossein Jalilian, Chan Sophal, Glenda Reyes and Saing Chan Hang, with Phann Dalis and Pon Dorina

Global Financial Crisis Discussion Series Paper 4: Cambodia1

Hossein Jalilian, Chan Sophal, Glenda Reyes and Saing Chan Hang, with Phann Dalis and Pon Dorina
May 2009

Overseas Development Institute 111 Westminster Bridge Road London SE1 7JD

1 This study was prepared by researchers at the Cambodia Development Resource Institute (CDRI). This study is part of a wider research project coordinated by the Overseas Development Institute (ODI) London and supported by the UK Department for International Development (DFID) and the Dutch Ministry of Foreign Affairs, but it does not necessarily reflect their views.

Contents
Figures and tables Acronyms Abstract 1. 2. 3. Introduction The global financial crisis and shocks at the national level The effects of the global financial crisis on growth and development 3.1 Effects on trade 3.2 Effects on tourism 3.3 Effects on construction 3.4 Effects on external resource flows 3.5 Effects on the domestic banking system 3.6 Effects on poor and vulnerable groups Policy implications 4.1 Actual policy response 4.2 Possible policy response Conclusion iii iv vi 1 2 3 5 13 15 17 21 25 27 27 33 37 38 41 44 47 48 49 50 52 54 55

4.

5.

References Annex 1: Nature of Cambodian growth and its implications for poverty and inequality Annex 2: Summary of the findings of the Moving out of Poverty Study Annex 3: Cambodian garment industry: A model sector? Annex 4: Cambodia’s domestic banking system: Underlying weaknesses Annex 5: Microfinance institutions: The success of ACLEDA Annex 6a: Global crisis: A window of opportunity for deeper reforms on fiscal management Annex 6b: Global crisis: A window of opportunity for deeper reforms on tourism Annex 6c: Global crisis: A window of opportunity for deeper reforms on the garment industry



References: Interviews and consultations conducted in February and March 2009 by CDRI staff with representatives of the tourism, garment and banking sectors and the donor community. 57

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