Logo of Phnom Penh Post newspaper Phnom Penh Post - ‘Developed’ by 2050: PM

‘Developed’ by 2050: PM

‘Developed’ by 2050: PM

Following recent speeches praising Cambodia’s stability under his leadership, Prime Minister Hun Sen took to the podium yesterday to gaze into the Kingdom’s future prospects for development and growth.

“Step-by-step from a country that has experienced both war and peace, we have achieved excellent development to this point,” he said in a speech in Prey Veng province, while inaugurating a university.

This year would see Cambodia move from a low-income to a lower-middle-income nation, Hun Sen claimed, before outlining future development goals.

“We are looking to 2030 for when we become an upper-middle-income nation, and towards 2050 for when Cambodia turns into a developed country,” he said.

The World Bank classifies economies as low-income if they have a gross national income (GNI) per capita of $1,025 or less, lower-middle income for a GNI of $1,026-$4,035 and upper-middle income for $4,036-$12,475.

According to World Bank data, Cambodia’s GNI per capita was $820 in 2011.

Avoiding the “middle-income trap” – in which developing economies struggle to compete with the exports of low-cost manufacturing nations and high-tech developed nations – would be crucial for Cambodia, Hun Sen said.

“The development of human resources is a priority . . . No country manages to develop without strong human resources,” he said, adding that the Kingdom would need to create a highly skilled “knowledge economy”.

“Myself and other leaders may not survive until 2050. But we must prepare our vision.”

MOST VIEWED

  • Joy as Koh Ker Temple registered by UNESCO

    Cambodia's Koh Ker Temple archaeological site has been officially added to UNESCO’s World Heritage List, during the 45th session of the World Heritage Committee held in Riyadh, Saudi Arabia, on September 17. The ancient temple, also known as Lingapura or Chok Gargyar, is located in

  • Ream base allegations must end, urges official

    A senior government official urges an end to the allegations and suspicions surrounding the development of Cambodia’s Ream Naval Base, now that Prime Minister Hun Manet has addressed the issue on the floor of the 78th UN General Assembly (UNGA 78). Jean-Francois Tain, a geopolitical

  • Cambodia set to celebrate Koh Ker UNESCO listing

    To celebrate the inscription of the Koh Ker archaeological site on UNESCO’s World Heritage List, the Ministry of Cults and Religion has appealed to pagodas and places of worship to celebrate the achievement by ringing bells, shaking rattles and banging gongs on September 20. Venerable

  • CP denied registration documents by ministry

    The Ministry of Interior will not reissue registration documents to the Candlelight Party (CP). Following a September 21 meeting between ministry secretary of state Bun Honn and CP representatives, the ministry cited the fact that there is no relevant law which would authorise it to do

  • Cambodian diaspora laud Manet’s UN Assembly visit

    Members of the Cambodian diaspora are rallying in support of Prime Minister Hun Manet’s forthcoming visit to the 78th UN General Assembly (UNGA 78) in the US’ New York City this week. Their move is an apparent response to a recent call by self-exiled former

  • After three deferrals, Capital Gains Tax to take effect Jan 1, 2024

    The General Department of Taxation (GDT) will implement the Capital Gains Tax starting January 1, 2024 to after being deferred three times as industrial players warn that the implementation might have some negative impact on the property market growth, which is down due to the economic downturn.