Friday, 27/07/2018 11:00 (GMT+7)
Over the past years, the maintenance of peace, political stability and security has created favourable conditions for Cambodia to continue obtaining new achievements in socio-economic development and in the improvement of the people’s living standards.
Cambodia has emerged from a low-income country into a low-middle income nation, and is on the path towards the high-middle income status by 2030.
Cambodia’s economy has developed in a rapid and sustainable manner, with an average annual growth rate of 7.7 percent over the past two decades and resilience to the financial crisis in 2008. With the performance, Cambodia has been ranked by the World Bank among countries with record high growth rate.
Cambodia's armed forces join a display ahead of the general election slated for July 29th (Photo: AFP/VNA)
The country’s firm growth has been reflected through outcomes of such sectors as industry, garment-textile, construction, agriculture, tourism and real estate.
It is noteworthy that Cambodia has transformed from an agriculture-based country into a nation driven by industry and services.
Statistics reveal that Cambodian people’s living standards have been improved significantly, with per capita income increasing from USD1,042 in 2013 to USD1,563 in 2018.
The poverty rate has also been reduced from 53.5 percent in 2004 to 13 percent in 2016, and is expected to be brought down further in the time ahead. Besides, the income gap has been narrowed down gradually.
The country’s foreign reserves expanded from more than USD3.64 billion in 2013 to more than USD9 billion in 2017 thanks to increasing foreign direct investment (FDI) inflows.
ADB and the WB have forecast that Cambodia’s economy would grow 7 percent a year during 2018-2019./.
CPV/VNA