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The country's first oil project has finally started pumping the black gold after 15 years of false starts.
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Scooped by Graham Watson |
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I didn't spot this first time around: however, it merits closer inspection. Will the discovery and exploitation of oil spark development in Cambodia?
Hmmm. Intuitively, you would think this would be a good thing. However, there's a lot of debate about this, with Paul Collier suggesting that the resource curse is one of four factors that contributes to a nation being part of the "Bottom Billion".
Equally, other nations have experienced so-called "Dutch Disease", where the exploitation of a natural resource has caused their currencies to appreciate, and in some cases it has damaged the competitiveness of their exporters, and hastened deindustrialisation in some sectors.
So, a mixed bag: it will be worth watching the Cambodian economy going forward.