National Bank of Cambodia

Greece 0.9 0.9 0.1 0.2 0.3 0.3 0.6Portugal 1.3 1.1 0.2 0.1 0.2 0.1 0.6Spain 4.7 4.3 0.9 0.6 1.5 0.9 2.6PIIGS 13.0 12.9 3.2 1.9 4.1 2.5 7.8EA-16 57.9 51.4 16.0 10.8 15.6 9.0 29.3EU-27 66.5 66.8 21.2 14.1 20.5 12.6 38.1Note: - PIIGS comprises Portugal, Ireland, Italy, Greece and Spain.- Asia-7 consists of Taiwan, Thailand, South Korea, Indonesia, Philippines.Hong Kong and SingaporeTrade. If the problem is contained within PIIGS, the impact on the globaleconomy is expected to be limited as exports to the periphery countries account foronly 8 percent of world exports, although EU intra-regional trade would be moreaffected as exports to PIIGS account for 13 percent of total EU exports. If corecountries become affected, impacts on the world economy would be severe becausethe European market accounts for one-third of world exports. The sovereign debtcrisis in Greece thus poses a significant risk to the global economy and world financialmarkets if there is no concrete solution.With regard to Thailand, the impact on the Thai economy is judged to belimited, as financial claims by Thai investors, including financial institutions, onEuropean economies are minimal. The impact through trade is also marginal as Thaiexports to PIIGS accounts for 1.8 percent of total Thai exports. Nonetheless, the Thaieconomy will be indirectly affected from volatilities in foreign exchange and stockmarkets worldwide. As the crisis is unfolding, future impacts will largely depend onthe severity and the degree of contagion of the problem.***************************៣៦ ២ ២០១១National Bank of Cambodia Review No 36, 2 nd Quarter 201144