Debt-Ridden Economy Can't Grow

Opinion Letter to the Cambodia Daily
Published on May 16, 2006
By: CHAK Sopheap

It was good news that the National assembly approved the national development planning strategy for 2006-2010, in which the main objectives are to reduce the poverty rate to fall to 25% and to lower the unemployment rate to less than four percent. (Development Planning Strategy Approved by NA,” May 10, page 16)

However, I have doubts about the optimism raised by the CPP lawmaker Cheam Yeap, saying that “optimism attracts needed foreign funding”. Also, “We should not be ashamed. The more [money], we can borrow, the better,” he said.

How will the economy grow under huge public debt? Is the government attempting to find any strategy to reduce debt rather than striving for more?

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