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Hun Sen: Kingdom’s economy to grow 7.1%

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Workers worked on a high-rise building in Phnom Penh. Heng Chivoan

Hun Sen: Kingdom’s economy to grow 7.1%

Cambodia's economic growth is projected at 7.1 per cent this year or about $24 billion thanks to the good performance of the industrial sector that is creating strong domestic revenue.

Speaking at the graduation ceremony of Cambodia University of Specialties on Wednesday, Prime Minister Hun Sen said that based on the valuation from the National Bank of Cambodia’s advisory council in late November, the country’s economic growth will achieve 7.1 per cent this year. The figure is higher than other countries in Asean.

“The rate of economic growth translates to $24 billion this year and will reach around $30 billion in 2020,” said the prime minister.

He said revenue generated from customs, excise and taxation has contributed a lot to the Kingdom’s economic growth.

By November 9, the revenue from customs and taxation reached $4.54 billion which exceeded the target set last year.

“The revenue collection target from our customs and excise for this year was $2.26 billion, but now we have collected some $3.01 billion which is $758 million more or a 33.5 per cent increase.

“While the revenue collection from taxation that we planned for this year is at $2.29 billion and now we have collected some $2.63 billion which exceeded the target by $345 million,” he said.

The latest economic report from the International Monetary Fund (IMF) in October said Cambodia’s growth remains strong at seven per cent this year and will dip to 6.8 per cent in 2020.

The growth is a bit higher than many other Asean member states. For example, Vietnam’s GDP growth is projected at 6.5 per cent this year and 2020, which is a drop from 7.1 per cent last year.

Thailand’s economic growth was projected at 2.9 per cent this year and three per cent next year, while Laos’ was projected at 6.4 per cent this year. It is expected to be 6.5 per cent next year.

Cambodia exported more than $7.97 billion worth of garment, textile and footwear products in the first nine months of this year – up 13.18 per cent year-on-year from $7.044 billion – a report from the Ministry of Economy and Finance’s General Department of Customs and Excise said in mid-November.

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