Source: FN
Prime Minister Hun Sen said on Sunday morning that Cambodia’s economy in 2017 achieved 6.9% growth, as the average GDP per capita increased to $1,435.
His remark was made during 39th anniversary of January 7 Victory Day at the Diamond Island Convention and Exhibition Center, with over 45,000 participants.
Prime Minister Hun Sen said the strong growth was contributed by manufacturing sector, industry, construction and agriculture, and services such as tourism and real estate. At the same time, Cambodia is shifting its economic structure from the agricultural-based to an industry and service oriented country.
He added that the Cambodian people’s living standard has improved every year, with an average GDP per person increasing from $1,042 in 2013 to around $1,435 in 2017. The poverty rate also dropped sharply from 53.5% in 2004 to 13.5% in 2014 and continues to decline.
The premier stated that achieving high growth and macroeconomic stability in low inflation and stable exchange rates has enabled more Cambodian people throughout the country to have more employment opportunities.
Achieving steady economic growth for 20 consecutive years at a rate of 7% per annum, Cambodia has been recognized as “Tiger of Asia” by ADB. The World Bank has claimed that Cambodia is ranked sixth among the world’s most fastest growing economies.
Meanwhile, the two international financial institutions claimed that Cambodia’s economy in 2017 and 2018 is still growing.
Cambodia’s economy grew at 6.8% in 2017 and 2018 at 6.9%, according to the World Bank.