Cambodians, and in fact people all over the world, are not taking the coming economic catastrophe seriously enough.
One reason is that the ships that left the Middle East over a month ago are still arriving in Europe and other ports, so that shortages, even of oil, are not being felt yet. However, once their supplies run out in a couple of weeks, there will be no replacements.
The blockades on the Strait of Hormuz are not being resolved. They could last for months, while the rest of the world must run on 20% less oil, fertilizer, helium, and other products. That means not just higher prices, but shortages of everything.
Cambodia has fared pretty well so far, and I fear that Cambodians are becoming complacent that everything is working out all right. I don’t think they are expecting petrol prices to double, from the current 5300 riels per liter to as much as 10,000 riels. Or worse yet, petrol stations simply won’t have the petrol to fill your car. Already we are seeing long queues of cars at filling stations.
What can Cambodians do to prepare for the shock? Cambodia is lucky to grow a lot of its own food. People should start relying on local products, since their prices shouldn’t rise faster than products imported using petrol transport, or using imported fertilizers.
Consumers and residents prefer Australian and other imported beef, because it is more tender than the tough Cambodian beef. I have gotten used to Cambodian steak because, even if you have to chew it more, its good flavor stays in your mouth. That’s just one example of getting used to Cambodian products. You can even buy local buffalo meat, which is really tough, but which can be used as a delicious snack or appetizer with beer or other drinks. Imported beers are going to go up in price also, so drink Cambodian.
I eat a lot of duck meat and duck eggs. These are local products which won’t be affected too much by the economic downturn.
The price of natural gas cannisters has doubled, as you well know if you cook by gas. It may go even higher. It’s time to start cooking with electricity, or charcoal, or even a wood fire or oven.
Since it will be much more expensive to drive your car or motorcycle, you should arrange your living accommodations near your workplace or your kids’ school. Buses and Pasaps are cheap alternatives to your personal transport. You might even travel by train!
The time to start taking these precautions is NOW! Once prices have doubled and store shelves are empty, it may be too late.