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Cambodia to become higher-middle-income country by 2030
Prime Minister Hun Sen expressed confidence that Cambodia will become a high-middle-income country by 2030, despite the challenges posed by the global economy, the war between Ukraine and Russia, and the climate change crisis.
In a graduation ceremony for students of the Royal University of Law and Economics yesterday, the premier said that Cambodia is on track to graduate from least developed country (LDC) status in 2027 and to become a higher-middle income country by 2030.
He said despite the uncertainty of the global economy, geographical issues, the Covid-19 pandemic, and the climate change crisis, Cambodia can achieve its goal of becoming a higher-middle-income country.
“Despite the challenges of climate change, epidemics and geopolitical uncertainty, I am confident that Cambodia will leave the status of a least developed country by 2027 and reach its goal of becoming a high-middle-income country by 2030,” he said, adding, “As set out as the goal of sustainable development, the economic growth we have today gives us the opportunity to reach our goals.”
The government has set a goal of transforming Cambodia into a higher-middle-income country by 2030 and a high-income country by 2050.
The World Bank officially revised the status of Cambodia’s economy in 2016, moving it up a rung from the low-income bracket into lower-middle income territory – a reclassification that economists expect will lead to a scale-back of foreign aid and preferential trade access over the coming years.
As per the World Bank’s criteria, low-income economies are defined as those with a GNI per capita of less than $1,025, lower-middle-income countries are those between $1,026 and $4,035, and upper-middle-income economies are in the range of $4,037 to $12,745. High-income countries are defined as those with a GNI per capita above that level.
Cambodia’s economy is forecast to grow at 5.5 percent in 2023 and 6 percent in 2024, due to a stronger tourist rebound and faster growth in the services sector, according to a report by Asian Development Bank (ADB) in April.
The premier said to sustain the economy in the long run, the government will further invest in the fields of healthcare, social protection, human resource development, small and medium enterprises, digital technology, and green development, among others.
Source: https://www.khmertimeskh.com/501302664/cambodia-to-become-higher-middle-income-country-by-2030/