Logo of Phnom Penh Post newspaper Phnom Penh Post - Hun Sen sees the signs of a strong economy

Hun Sen sees the signs of a strong economy

Prime Minister Hun Sen speaks at an event commemorating the 65th anniversary of the founding of the CPP yesterday.
Prime Minister Hun Sen speaks at an event commemorating the 65th anniversary of the founding of the CPP yesterday. Heng Chivoan

Hun Sen sees the signs of a strong economy

Cambodia's economy will grow 7.1 per cent in 2016 while per capita income will reach $1,301 this year, Prime Minister Hun Sen said yesterday.

“The use of local goods has surged thanks to local and foreign direct investment, which creates jobs and income for our people,” he said at the 65th founding anniversary of the ruling Cambodian People’s Party (CPP).

Hun Sen highlighted the low rate of inflation, which stayed below 1.9 per cent, while foreign currency reserves increased to about $5.45 billion – enough to sustain imports for four months.

He noted that Cambodian customs revenues topped $763 million during the first five months of the year, a 22 per cent increase over the same time a year earlier.

Meanwhile, tax revenues during the first five months of 2016 grew by 21 per cent to $708 million.

MOST VIEWED

  • Some jobs off limits to foreigners from August

    Beginning from the second week of August, foreigners will be banned from driving taxis and tuk-tuks, as well as being motorcycle delivery drivers, street food vendors, hairdressers and product distributors among other lower-income jobs. Some white-collar jobs such as the head of human resources will

  • Chinese-owned shops are on the rise in central Phnom Penh

    Informal businesses owned by Chinese nationals are on the rise in central Phnom Penh, especially in Tonle Bassac commune, surrounding Koh Pich. Such businesses have sprung up notably in Central Market, Orussey Market, Sovanna Shopping Mall, Rattana Plaza, as well as Kakab commune across from

  • Breaking: Eighty-three containers of waste at S'ville port came from US, Canada

    The plastic waste found in 83 containers at Sihanoukville Autonomous Port on Tuesday came from the US and Canada, the Ministry of Environment has said. The huge shipment of rubbish weighs some 1,600 tonnes. Officials are continuing their investigation to find the company or individuals responsible for

  • ‘Long road for Cambodia bill to reach the White House’

    Analysts have questioned whether the “The Cambodia Democracy Act of 2019” bill would be passed by the US Senate and finally signed off by the president after its approval by the lower chamber, the House of Representatives, on Monday. Introduced by Republican Representative for Florida Ted