ILO: 500,000 Cambodians hit by economic slump

ILO: 500,000 Cambodians hit by economic slump

PHNOM PENH, Feb. 13 (Xinhua) -- Some 500,000 Cambodians have been affected by the global economic downturn, English-language daily newspaper the Phnom Penh Post on Friday quoted the International Labor Organization (ILO) as saying.

Another one million are expected to feel the pinch in 2009, said an ILO report of economic assessment of the kingdom.ILO predicted 19,000 job losses in the garment sector and 25,600 in construction, as well as 5.1 percent growth in gross domestic products (GDP) in 2009.

Meanwhile, it urged the Cambodian government to take strong action to cushion the effects of the crisis, including establishing a central job information system, an unemployment program and a multi-sector trade union.

The Cambodian economy was estimated to grow by only seven percent in 2008 and the government is trying to maintain a six percent growth in 2009.The International Monetary Fund (IMF) predicted 4.8 percent economic growth, while the World Bank has forecast 4.9 percent GDP growth for Cambodia in 2009.