What does Prime Minister Hun Sen predict Cambodia's economy will be like in 2030?

Speaking at a graduation ceremony for students of the Royal University of Law and Economics in Phnom Penh on June 5, Prime Minister Hun Sen said that Cambodia is on track to graduate from least developed country (LDC) status by 2027 and become an upper middle-income country by 2030, according to the Khmer Times today, June 6.

According to Prime Minister Hun Sen, despite the instability of the global economy, geographical issues, the Covid-19 pandemic and the climate change crisis, Cambodia can achieve its goal of becoming an upper-middle-income country.

“As the sustainable development goals have been set, the economic growth we have today gives us the opportunity to achieve our goals,” Mr. Hun Sen stressed.

Cambodia's economy is forecast to grow at 5.5% in 2023 and 6% in 2024.

Khmer Times Screenshot

The Cambodian government has set a target of turning Cambodia into an upper-middle-income country by 2030 and a high-income country by 2050.

The World Bank (WB) officially revised the status of Cambodia's economy in 2016, elevating the economy from low-income to lower-middle-income, a reclassification that economists expect will lead to cuts in foreign aid and preferential trade access in the coming years, according to the Khmer Times .

According to the World Bank criteria, low-income economies are defined as those with a gross national income (GNI) per capita below $1,025, lower-middle-income countries have a GNI per capita between $1,026 and $4,035, and upper-middle-income economies have a GNI per capita between $4,037 and $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, driven by a stronger recovery in tourism and faster growth in the services sector, according to a report released by the Asian Development Bank (ADB) in April, reported Khmer Times .

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