Cambodia’s poverty rate may double, due to COVID-19’s economic effect, says UNDP

[geovalin]

The Kingdom’s poverty and unemployment rate could nearly double to 17.6 percent and 4.8 percent respectively because of the impact of the pandemic, according to the UNDP’s economic and social impact assessment of COVID-19 in Cambodia. The brief assessment was launched by the UN Development Programme (UNDP) on 8 October 2020 through careful consultation with the Ministry of Economy and Finance (MEF) and other partners.

 

The impact assessment uses three-models – a static general equilibrium model (CGE), a social accounting matrix (SAM) and a global trade analysis model (GTAP) – to measure impact and model scenarios that can mitigate further risks resulting from the pandemic. Key findings of the assessment include the CGE model estimate that economic growth could contract from an original 6.5 percent for 2020 to –4.1 percent.

 

Under this scenario, the poverty rate could nearly double to 17.6 percent and unemployment could rise to 4.8 percent, according to the report. According to the government data, the Kingdom’s poverty rate has been reduced dramatically, from 53.2 percent in 2004 to around 10 percent in 2019.

 

read more https://www.khmertimeskh.com/50771677/cambodias-poverty-rate-may-double-due-to-covid-19s-economic-effect-says-undp/

[Destiny1990]

Well looking at the Cambodian huge stock of highly overpriced unsold unrented condominiums a 75% value drop in their sales prices would be much more realistic.

[Isaan sailor]

Send the bill to Communist China.  After all, they bought Cambodia, didn’t they?

[connda]

Get ready to welcome the age of neo-feudalism.  They'll be plenty of fodder available creating a class of indentured servants and peasants.  That is unless some Marxist Cambodian kid currently studying at Oxford or Yale comes back and reintroduces the "hoe" to the down-troddened.