{"id":4067,"date":"2020-04-03T01:05:15","date_gmt":"2020-04-02T18:05:15","guid":{"rendered":"https:\/\/capitalcambodia.com\/?p=4067"},"modified":"2020-04-03T17:47:39","modified_gmt":"2020-04-03T10:47:39","slug":"the-stimulus-package-and-the-informal-economy","status":"publish","type":"post","link":"https:\/\/capitalcambodia.com\/the-stimulus-package-and-the-informal-economy\/","title":{"rendered":"The stimulus package and the informal economy"},"content":{"rendered":"
As the Cambodian Government prepares, for the first time, to approve its emergency draft law, allowing Prime Minister Hun Sen to declare, if needed, a state of emergency across the Kingdom in response to the unfolding global COVID-19 pandemic.<\/p>\n
He stated this week: \u201cI have been in power for 27 years since 1993 and I never thought I will have to use this kind of law. Now the situation in the country and countries around the world is bad because no country on earth could stop COVID-19.\u201d<\/p>\n
Policymakers are now having to switch their thinking from just implementing preventive COVID-19 health measures to also developing proactive economic measures that can last the potentially months-long lockdowns and extreme social distancing, measures that will, without doubt, cause havoc on not just Cambodia\u2019s economy but also throughout the region and globe.<\/p>\n
Predictions backed by a World Bank report released this week titled \u201cEast Asia and Pacific: Countries Must Act Now to Mitigate Economic Shock of COVID-19\u201d, states Cambodia\u2019s economic growth is expected to crash from 7 percent growth in 2019 to a predicted 2.5 percent on current baseline modelling or drop further to 1 percent on low line modelling this year before returning to a predicted growth recovery of 5.9 percent in 2021.<\/p>\n