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PM calls for Kingdom to diversify economy

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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.”