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Cambodia achieves economic miracle but much remains to be done

2020-01-03
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Summary:While Cambodia has achieved nothing short of a “miracle” in terms of economic development, there is still much to be done if the Kingdom wants to improve or sustain such progress and the financial/ non-financial wellbeing of its people in the long run.

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While Cambodia has achieved nothing short of a “miracle” in terms of economic development, there is still much to be done if the Kingdom wants to improve or sustain such progress and the financial/ non-financial wellbeing of its people in the long run..

The 2019 Global Sustainable Competitiveness Index released last week by SolAbility ranked Cambodia second to last among countries in Southeast Asia. SolAbility described itself as a sustainable intelligence think-tank. It started operations in 2005 as a Swiss-Korean joint venture.

According to SolAbility, the Index measures current and future capability of countries to generate and/or sustain financial and non-financial income and wealth for its population.

There are 116 indicators grouped into five pillars of sustainable competitiveness that determine the ranking of each country. The indicators are taken from authoritative sources such as the World Bank and various United Nations agencies.

The five pillars of sustainable competitiveness are natural capital, resource intensity, intellectual capital, governance and social cohesion. The index has been published yearly since 2012.

Cambodia is ranked 86th globally, which placed it ahead only of the 103-ranked Philippines, which occupies the bottom spot among countries in the region.  There were 180 countries included in the survey.

While Cambodia has developed immensely in the last few years, its march towards progress is still mired in many challenges and critics contend that wealth has trickled down to but a few people.

In the last half decade, Cambodia’s economy has been among the fastest-growing in Asia and the world.

Among the most serious challenges to Cambodia’s (and its people’s) economic growth and sustainability are endemic corruption, backward educational and healthcare systems, government inefficiency, rapid depletion of natural resources, among others, according to factors taken into consideration by the index.

To nobody’s surprise, Singapore, the wealthiest and most-developed nation in Southeast Asia, is top in the region. But Singapore is only ranked 41st globally, a sign that the region is well behind its peers in Europe, North America and other more developed regions of the world.

After Singapore, Malaysia comes next (55th globally), followed by Brunei (65th), Indonesia (66th), Laos (70th), Vietnam (78th), Thailand (82nd) and Timor-Leste (84th).

As in many development studies and rankings, Scandinavian countries and other countries in Northern and Western Europe occupied the top spots.

Sweden is ranked number one in the world, followed by Finland, Iceland, Denmark and Switzerland. Rounding up the top 10 are Norway, Estonia, Luxembourg, Latvia and Croatia.(This news came from Khmertimes.com)

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