It’s becoming more certain that Cambodia may have significant oil deposits off its coastline – but will this source of new found wealth bring much needed money to one of the world’s poorest countries or cause corruption to become even worse?
A lengthy and sobering article appeared recently in the International Herald Tribune, detailing the various scenarios of what might happen if the reports of oil reserves being discovered off Cambodia’s coast turn out to be true.
For many other poor countries, like Nigeria and Chad, oil has been a poisoned bonanza, paradoxically dragging them into deeper poverty and corruption in what some call the oil curse.
“This will be a watershed event for this country one way or another,” said the U.S. ambassador, Joseph Mussomeli. “Everyone knows that it will be either a tremendous blessing or a terrific curse. They are unlikely to come out unscathed.”
With its tiny economy, weak government institutions, widespread poverty and crippling corruption, Cambodia seems as ill-suited as any country in the world to absorb the oil wealth that is expected to come its way. [Read full article]
I don’t make a habit of mentioning news stories on Travelhappy, but one of the things I’ve found about travelling through countries is that I take more of an interest in events in those countries once I’ve left. I think once you’ve passed through somewhere, learnt a tiny bit about the country’s history and met a few of the locals, that place stays with you. It’s as simple as seeing the name of a town you’ve visited in the newspaper – it piques your interest and draws you in to the country’s events outside of the bubble of tourism.
This story struck me because it signals there could be genuinely huge changes in Cambodia in the next five years, and those changes will begin to transform the country, for better or worse. Tourism is doing a lot to bring in much needed cash to Cambodia, but until the country’s political situation stablises there seems little hope of improving health and education prospects. I sincerely hope that if these oil reserves are found, the money from them can be judiciously used – but there are not many optimistic precedents for that. It’s a definite reminder though of Cambodia’s ongoing poverty and how backpackers on even the tightest budgets can help by visiting this troubled but beautiful country.
You read more travel info about Cambodia – such as visiting Angkor Wat and Phnom Penh – in Travelhappy’s Cambodia section.
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