Logo of Phnom Penh Post newspaper Phnom Penh Post - PM calls for Kingdom to diversify economy

PM calls for Kingdom to diversify economy

Content image - Phnom Penh Post
Hun Sen said during a talk on Wednesday with more than 27,400 garment workers in Kampong Speu province. Facebook

PM calls for Kingdom to diversify economy

Prime minister Hun Sen said that the Kingdom needs to speed up the diversification of its economy and maintain macro-economic stability.

“Our economic growth cannot depend on only one sector. [We] must rely on multiple sectors to avoid [vulnerability] and to [strengthen] our resiliency from external crises,” Hun Sen said during a talk on Wednesday with more than 27,400 garment workers in Kampong Speu province.

The premier raised the example of Venezuela’s economy being vulnerable because it relies mainly on oil exports. Hun Sen praised Cambodia’s economic and political stability for helping the country maintain a low inflation rate and maintain its purchasing power.

Hun Sen compared the effect of an economic crisis in battle terms: “A bomb can kill a group of people or a village, but if an economic bomb explodes, it destroys people across the whole country.”

MOST VIEWED

  • Man Covid-19 positive after Thailand trip

    The Ministry of Health on Saturday reported the third Covid-19 case in less than two weeks, bringing the total to 125. The man, a 26-year-old from Tbong Khmum province's Tbong Khmum district, arrived at the O'Beichoan border checkpoint in Banteay Meanchey province on Thursday. He is

  • Kingdom's GDP growth to narrow -1% to -2.9%, World Bank says

    The World Bank expects further recoil on Cambodia’s gross domestic product (GDP) growth to between minus one per cent and minus 2.9 per cent for 2020 as its main growth drivers – tourism, manufacturing exports and construction – take a beating due to Covid-19, its latest economic update

  • Vietnam: Tougher sentences for child abusers

    Several National Assembly (NA) deputies in Vietnam are calling for tougher penalties to be handed down to child abusers. They hope stricter punishments will act as a strong deterrent to prevent offenders committing further offences in the future. Extreme measures such as chemical castration were

  • Central bank to shun small US banknotes

    The National Bank of Cambodia (NBC) is considering not accepting smaller denominated US dollar banknotes – $1, $2 and $5 – from banks and microfinance institutions (MFIs) which it said are flooding its stockpile as the demand for those notes is low. While some banking insiders welcomed the move as

  • PM lauded in Covid-19 fight

    World Health Organisation (WHO) director-general Tedros Adhanom Ghebreyesus sent a letter to Prime Minister Hun Sen thanking him for following the WHO’s guidance and commending Cambodia’s efforts in the fight against Covid-19. In his letter made public by the Ministry of Foreign Affairs

  • Workers return, hope for salaries

    More than 600 factory workers in the capital’s Chaom Chao commune in Por Sen Chey district returned to work after the factory’s owner promised to pay their salaries in instalments until the middle of next month. On Tuesday and Wednesday, more than 600 workers gathered