Cambodia | Facts and

History
The 20th century was disastrous for Cambodia.
The country was occupied by Japan in World War II, and became "collateral
damage" in the Vietnam War, with secret bombings and cross-border incursions.
In 1975, the Khmer Rouge regime seized power; they would murder
approximately 1/5 of their own citizens in a mad frenzy of violence.
Yet not all of Cambodian history is dark and blood-drenched. Between the 9th
and 13th centuries, Cambodia was home to the Khmer Empire, which left behind
incredible monuments such as Angkor Wat.
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Hopefully, the 21st century will be much kinder to the people of Cambodia than
the last one was.

Capital and Major Cities:

Capital:
Phnom Pehn, population 1,300,000
Cities:
Battambang, population 1,025,000
Sihanoukville, population 235,000
Siem Reap, population 140,000
Kampong Cham, population 64,000

Cambodia's Government:

Cambodia has a constitutional monarchy, with King Norodom Sihamoni as the

current head of state.
The Prime Minister is the head of government. Legislative power is shared
between the executive branch and the bicameral parliament, made up of the 123member National Assembly of Cambodia and the 58-member Senate.
Cambodia has a functioning multi-party representative democracy.
Unfortunately, corruption is rampant and government is non-transparent.
The current Prime Minister of Cambodia is Hun Sen, who was elected in 1998.

Population of Cambodia:

Cambodia's population is about 14,240,000 (2008 estimate).

The vast majority, 90%, are ethnic Khmer. Approximately 5% are Vietnamese, 1%
Chinese, and the remaining 4% includes small populations of Chams (a Malay
people), Jarai, Khmer Loeu, and Europeans.
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Due to the massacres of the Khmer Rouge era, Cambodia has a very young
population. The median age is 21.7 years, and only 3.6% of the population is over
the age of 65. (In comparison, 12.6% of US citizens are over 65.)
Cambodia's birth rate is 3.37 per woman; the infant mortality rate is 56.6 per
1,000 live births.
The literacy rate is 73.6%.

Languages of Cambodia:

The official language of Cambodia is Khmer, which is part of the Mon-Khmer

language family. Unlike near-by languages such as Thai, Vietnamese and Lao,
spoken Khmer is not tonal. Written Khmer has a unique script, called abugida.

Other languages in common use in Cambodia include French, Vietnamese, and

English.

Religion in Cambodia:

Most Cambodians (95%) today are Theravada Buddhists. This austere version of
Buddhism became prevalent in Cambodia in the thirteenth century, displacing
the combination of Hinduism and Mahayana Buddhism that was practiced
previously.
Modern Cambodia also has Muslim citizens (3%) and Christians (2%). Some
people practice traditions derived from animism as well, alongside their primary
faith.

Geography of Cambodia:

Cambodia has an area of 181,040 square kilometers, or 69,900 square miles.

It is bordered by Thailand to the west and north, Laos to the north,
and Vietnam to the east and south. Cambodia also has a 443 kilometer (275 mile)
coastline on the Gulf of Thailand.
The highest point in Cambodia is Phnum Aoral, at 1,810 meters (5,938 feet). The
lowest point is the Gulf of Thailand coast, at sea level.
West-central Cambodia is dominated by Tonle Sap, a large lake. During the dry
season, its area is about 2,700 square kilometers (1,042 square miles), but during
the monsoon season it swells to 16,000 sq. km (6,177 sq. miles).

Climate of Cambodia:

Cambodia has a tropical climate, with a rainy monsoon season from May to
November, and a dry season from December to April.
Temperatures don't vary much from season to season; the range is 21-31C (7088F) in the dry season, and 24-35C (75-95F) in the wet season.
Precipitation varies from just a trace in the dry season to over 250 cm (10 inches)
in October.

Cambodian Economy:

The Cambodian economy is small, but growing quickly. In the 21st century, the
annual growth rate has been between 5 and 9%.
The GDP in 2007 was $8.3 billion US, or $571 per capita.
35% of Cambodians live under the poverty line.
The Cambodian economy is based primarily on agriculture and tourism- 75% of
the work force are farmers. Other industries include textiles manufacturing, and
extraction of natural resources (timber, rubber, manganese, phosphate and
gems).
Both the Cambodian rial and the US dollar are used in Cambodia, with the rial
mostly given as change. The exchange rate is $1 = 4,128 KHR (October 2008
rate).

History of Cambodia:

Human settlement in Cambodia dates back at least 7,000 years, and probably
much farther.

Early Kingdoms
Chinese sources from the first century A.D. describe a powerful kingdom called
"Funan" in Cambodia, which was strongly influenced by India.
Funan went into decline in the 6th century A.D., and was supplanted by a group
of ethnically-Khmer kingdoms that the Chinese refer to as "Chenla."

The Khmer Empire

In 790, Prince Jayavarman II founded a new empire, the first to unite Cambodia
as a political entity. This was the Khmer Empire, which lasted until 1431.
The crown-jewel of the Khmer Empire was the city of Angkor, centered around
the temple of Angkor Wat. Construction began in the 890s, and Angkor served as
the seat of power for more than 500 years. At its height Angkor covered more
area than modern-day New York City.

Fall of the Khmer Empire

After 1220, the Khmer Empire began to decline. It was attacked repeatedly by the
neighboring Tai (Thai) people, and the beautiful city of Angkor was abandoned by
the end of the 16th century.

Thai and Vietnamese Rule

After the fall of the Khmer Empire, Cambodia came under the control of the
neighboring Tai and Vietnamese kingdoms. These two powers competed for
influence until 1863, when France took control of Cambodia.

French Rule
The French ruled Cambodia for a century, but viewed it as a subsidiary of the
more important colony of Vietnam .

During World War II, the Japanese occupied Cambodia but left the Vichy French
in charge. The Japanese promoted Khmer nationalism and pan-Asian ideas. After
Japan's defeat, the Free French sought renewed control over Indochina.
The rise of nationalism during the war, however, forced France to offer increasing
self-rule to the Cambodians until independence in 1953.

Independent Cambodia
Prince Sihanouk ruled newly-free Cambodia until 1970, when he was deposed
during the Cambodian Civil War (1967-1975). This war pitted communist forces,
called theKhmer Rouge, against the US-backed Cambodian government.
In 1975 the Khmer Rouge won the civil war, and under Pol Pot set to work
creating an agrarian communist utopia by exterminating political opponents,
monks and priests, and educated people in general. Just four years of Khmer
Rouge rule left 1 to 2 million Cambodians dead- about 1/5 of the population.
Vietnam attacked Cambodia and captured Phnom Penh in 1979, withdrawing
only in 1989. The Khmer Rouge fought on as guerrillas until 1999.
Today, though, Cambodia is a peaceful and democratic nation.

The Independence Monument (Khmer:

, "Vimean Akareach") in Phnom Penh, capital

of Cambodia, was built in 1958 for Cambodia's independence from France in 1953. It stands on the
intersection of Norodom Boulevard and Sihanouk Boulevard in the centre of the city. It is in the form

of a lotus-shaped stupa, of the style seen at the great Khmer temple at Angkor Wat and other Khmer
historical sites. The Independence Monument was designed by the influential Cambodian modern
architect Vann Molyvann.
During national celebrations, The Independence Monument is the center of activity. A ceremonial
flame on the interior pedestal is often lit by a royal or high official on these occasions, and floral
tributes line the stairs. Every year, The Independence Monument is visited by foreigners and locals
alike.
Behind the monument is the newly constructed Statue of Norodom Sihanouk.
The CambodiaVietnam Friendship Monument in Phnom Penh, capital of Cambodia, is a large
concrete monument commemorating the former alliance between Vietnam and Cambodia. It was
built in the late 1970s by the communist regime that took power after theCambodian-Vietnamese
War, which overthrew the Khmer Rouge regime.

The Cambodia-Vietnam Friendship Monument in Phnom Penh

The monument is located at the Botum Park near the centre of Phnom Penh not far from the Royal
Palace. It features heroic statues of Vietnamese and Cambodian soldiers in the "Socialist realist"
style developed in the Soviet Union in the 1930s, together with images of a woman and baby
representing Cambodian civilians. The monument is in a popular park in the middle of the city.
The monument has occasionally become a political focal point. On August 30, 1998, during postelectoral protests, several people climbed onto the monument with hammers, poured gasoline on it
and set it on fire. This damage was repaired two months later by the authorities. On July 29, 2007, a
bomb exploded at the base of the monument, causing little damage.

Strong economic growth in 2013

Since the start of the new millennium, Cambodias economy has expanded at a fast
pace, with growth averaging about 8 percent a year during 200212. Last year was
no different, with real GDP estimated to have grown 7.07.5 percent. One of the
key drivers of the economy is textiles and footwear, whose exports amount to a
third of nominal GDP. Exports from the sector rose 22 percent year over year in
the first 11 months of 2013 to $5.1 billion. Tourism also continued to flourish last
year, with the JanuaryNovember period witnessing a 5 percent rise in tourist
arrivals relative to the whole of 2012. Receipts from tourism currently amount to
about 15 percent of GDP, and this could go up as the government tries to promote
unexplored parts of the country.
Construction is yet another prominent sector and is a major recipient of foreign
direct investment (FDI). While the residential and hospitality spaces dominate
construction, infrastructure is fast gaining ground as the government focuses on
power generation, oil and gas, and diversification in manufacturing. This strong
momentum across key sectors is likely to continue into 201416, thereby ensuring
growth of 6.57.5 percent. However, the current political strife poses downside
risks, especially if the protests drag on for the next three to four months. This will
dent both textiles and tourism, and likely drag down GDP growth by two to three
percentage points.

Betting on oil and gas

Hydrocarbons are a potential game changer for Cambodia:
The sector is expected to rake in FDI, drive economic
growth, and aid public finances. In fact, FDI is already
flowing in, with Chevron investing more than $160
million.1 Although commercial oil extraction has been
delayed, the company expects commercial production to start

by 2016.2 Encouragingly, Cambodia is also planning

investments in a refinery in partnership with Chinas
Sinopec. A major beneficiary of any viable oil and gas
production will be public finances. According to the
International Monetary Fund, the government is expected to
earn about $174 million in revenues annually when
production starts, with the figure set to rise to as much as
$1.7 billion when production peaks.3
However, the development of the oil and gas sector is not
without its challenges. First, the quantum of reserves is not
yet clear. While initial estimates had put recoverable crude
reserves at around 500 million barrels, it appears post
exploration that some deposits will be difficult to tap.
Second, lack of an agreement with Thailand has prevented
Cambodian exploration in an area in the Gulf of Thailand
that is estimated to hold 11 trillion cubic feet of gas and an
unknown amount of crude. Third, there are worries about
transparency in the governments management of oil and gas
resources. Perhaps a good first step for the government
would be to sign the Extractive Industries Transparency
Initiative, something it has refused to do so far.

The need to reform public finances

Cambodia urgently needs to reform public finances. In 2013
total tax revenues were $881 million, just above 5 percent of
nominal GDP. This figure is much below corresponding
levels in developing- and emerging-economy peers and is the
main cause of persistent budget deficits. It is also

unsustainable in the long term, given the need to invest in

infrastructure, health, and education. Transparency is another
aspect of public finances that needs addressing. For example,
in the budget for 2014, more than $1.5 billion of funds
remain unallocated or are placed under miscellaneous
expenses. Critics allege that this nebulous allotment
encourages corruption, something on which Cambodia rates
high. In Transparency Internationals recent annual
corruption index, the country ranks 160 among 177 nations;
sadly, it has the lowest rank in Southeast Asia.4

Dollarizations challenges for the central bank

Prudent central bank regulation in Cambodia faces
challenges from high dollarization. A prolonged period of
conflict in the 1970s and 80s, followed by high FDI inflows
and tourism in the last decade, has ensured that the US dollar
dominates transactions in Cambodia. The dollar accounts for
90 percent of currency in circulation and 95 percent of
banking deposits. Foreign investors find this ratio favorable
because it helps them avoid exchange rate fluctuations.
Dollarization also helps consumers avoid any impact of
Cambodian riel weakness on import prices and hence
inflation. However, the overwhelming presence of a foreign
currency restrains the effectiveness of monetary policy in
regulating the banking system and the wider economy. This
is particularly true in the current context, where credit
growth is high, especially in sectors such as real estate and
construction. Regulation of the banking system is also
difficult because of the existence of a large informal

economy and low banking penetrationonly 13 percent of

the population has deposits in the formal banking system.

Political differences must be contained

The current bout of political disagreement must not
degenerate into irreversible economic damage. The deadlock
over minimum wages has carried on for too long. While the
governments offer of $100 per month falls short of the
workers demand for $160, surely there must be a middle
path. Losses from the protests have been estimated at more
than $100 million. If the protests dont end, investor
sentiment will be hit hard. This is particularly worrying
given that Cambodia faces challenges from competitors in
Southeast Asia. For example, after years of isolation,
Myanmar is actively courting foreign investors; Cambodias
low-cost industries, especially textiles, are at risk.
To ensure strong yet sustainable economic growth in the
long term, Cambodia needs to focus more on infrastructure,
education, health, and the environment. The country also
needs to create strong, accountable, and transparent
institutions that enable and oversee economic transformation.
However, all the above are not possible without critical
economic reforms, which can happen only when the
government and opposition mend fences and work together.
Ironically the current political crisis provides such an
opportunity, and both sides should grab it.