Thailand
Cambodia will be high middle-income country by 2030, says PM
Prime Minister Hun Sen expressed optimism that Cambodia will definitely achieve its vision of a high-middle-income country by 2030 and attributed it to the country’s peace and economic growth, particularly the socio-economic resumption after the pandemic.
His remarks came in a meeting to commemorate the 71st Founding Anniversary of the Cambodian People’s Party on Tuesday.
In the light of peace, the Cambodian people have achieved great and proud changes, especially in the economic and social fields, he told party members at its headquarters.
“Realising high and sustainable economic growth over the past two decades has moved Cambodia from a low-income country to a low-middle-income country and is striving to achieve its vision of a high-middle-income country in 2030,” the premier said.
As per the World Bank’s criteria, middle-income countries (MICs) are a diverse group by size, population and income level.
They are defined as lower-middle-income economies – when the gross national income (GNI) per capita is between $1,036 and $4,045; and high middle-income economies – with a GNI per capita between $4,046 and $12,535.
In 2016, the World Bank officially revised the status of Cambodia’s economy, moving it up a rung from the low-income bracket into a lower-middle-income country.
With the economic growth, the country’s poverty level has gradually reduced, and the living standard of the people has gradually improved, along with security, order, and social security, Mr Hun Sen said.
The government has fully re-opened the country after the Covid-19 situation in Cambodia was brought under effective control.
More than 94 percent of its population have been vaccinated with zero new cases and zero active cases.
“We firmly believe that we will be able to overcome the economic and social consequences of the Covid-19, even though the disease has not yet disappeared from the face of the earth,” he said.
“In fact, Cambodia’s economic achievements have returned to positive growth and are expected to improve further in 2022 and 2023,” he added.
The National Bank of Cambodia projected that the economy is likely to grow at around 5 percent this year, primarily supported by agricultural exports, transport, telecommunications and improved investment flows and remittances from overseas workers.
In terms of trade and investment, the country is expected to benefit from the Regional Comprehensive Economic Partnership (RCEP) agreement, bilateral free trade agreements and the introduction of new investment law, according to the NBC’s Financial Stability Review 2021, released recently.
Last year, Cambodia’s economic growth was estimated at 3 percent from a contraction growth of 3.1 percent in 2020.
Source: https://www.khmertimeskh.com/501102959/cambodia-will-be-high-middle-income-country-by-2030-says-pm/