Logo of Phnom Penh Post newspaper Phnom Penh Post - PM: Cambodia on track for high-income status

PM: Cambodia on track for high-income status

Prime Minister Hun Sen addresses officials in Kandal province yesterday. Facebook
Prime Minister Hun Sen addresses officials in Kandal province yesterday. Facebook

PM: Cambodia on track for high-income status

Extolling forecasts that Cambodia’s economy will maintain its 7 percent growth rate this year, Prime Minister Hun Sen yesterday reiterated a past prediction that the country would reach upper-middle income status by 2030 and become a high-income country in 2050 – though one expert said he doubted the Kingdom could meet the “very optimistic” predictions.

Addressing officials in Kandal province, the premier noted the country’s growth and low inflation rate in his argument for meeting the targets, according to a post on his Facebook page summarising his speech.

The World Bank officially raised Cambodia’s status from low-income to lower-middle income in July, after its 2015 gross national income (GNI) per-capita surpassed the $1,026 threshold, reaching $1,070.

To reach the next tier, the figure must exceed $4,036, while high-income countries are defined as those with a GNI per-capita sitting at a relatively lofty $12,745.

Reached yesterday, Miguel Chanco, lead ASEAN analyst for the Economist Intelligence Unit, said regional competition for investment and, in particular, a skills gap borne of an under-resourced education sector, made the target “very optimistic”.

“I don’t think Cambodia will reach upper-middle income status by 2030, especially given the intense competition of a lot of the countries in the region that are also looking for the kind of investment that would drive Cambodia up over the next 10 to 15 years.”

Additional reporting by Shaun Turton

MOST VIEWED

  • Hun Sen: Full country reopening to be decided in two weeks

    Prime Minister Hun Sen has announced that if the Covid-19 situation remains stable for 15 consecutive days from the end of the October 5-7 Pchum Ben public holiday, Cambodia will reopen fully, albeit in the context of Covid-19 whereby people have to adjust their lives to

  • Cambodia unveils new quarantine regulations

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Cambodia sets new Covid-19 quarantine rules

    The government has modified Covid-19 quarantine requirements, shortening the duration for, among others, Cambodian officials, foreign diplomats and delegations, investors and inbound travellers in general. According to an official notice signed by Minister of Health Mam Bun Heng late on October 16, quarantine length for Cambodian

  • Hun Sen: Cambodia set to fully reopen

    Prime Minister Hun Sen concludes that the October 5-7 Pchum Ben public holiday, during which many people either flocked to their hometowns for family reunion or gathered at tourist attractions across the country, has not caused an outbreak of Covid-19. In a special address to

  • Will Evergrande change the way Chinese developers do business in Cambodia?

    China’s property sector policy has exposed the grim financial condition of real estate developers including those operating in Cambodia, which raises questions over the viability of their projects and business going forward The dark blue netting draping over one of Yuetai Group Co Ltd’

  • Cambodia voted ‘world’s friendliest country’ in Rough Guides reader poll

    Cambodia ranked number one among the “World’s Friendliest Countries”, according to a reader poll conducted by London-based international website “Rough Guides”. Taking submissions through Twitter and Facebook, “Rough Guides”, a well-known travel agency and publisher of guidebooks, said the Kingdom “was by far the