Cambodia’s Economy Grew by 7.1% in 2019

AKP Phnom Penh, April 11, 2020 —

Last year, Cambodia’s economy was estimated to grow by 7.1 percent thanks to the security, political stability, and full peace in the country, underlined Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen in his message to his compatriots on the Khmer New Year to fall next week.

This solid growth was reflected by progress in the areas of industry, manufacturing, construction, agriculture, and services such as tourism and real estate …, he said.

Cambodia, which is in the process of transforming itself from a country dependent on agriculture into a country relying on industry and services, has carefully carried out its macroeconomic policy by promoting economic diversification, competitiveness, and local production and consumption, as well as by encouraging foreign investments in the country, added the Premier in his seven-page message.

The volume of its international trade was recorded at more than US$34,596 million while its exports amounted to more than US$14,915 million last year, he said.

According to Samdech Techo Hun Sen, the inflation rate was at a low and manageable level. Foreign exchange reserves increase annually thanks to the growth in foreign direct investment and better trade balance.

GDP per capita rose from US$1,548 in 2018 to US$1,679 in 2019 while poverty rate dropped to less than 10 percent last year and will continue to fall in 2020, he pointed out.

The Royal Government of Cambodia increases the salaries of civil servants and armed forces every year. In 2019, their minimum wage was more than 1.1 million Riel (around US$275) and they can get their wages twice a month through the banking system, he stressed.

According to recent reports from the international financial institutions, Cambodia will achieve an economic growth of less than 3 percent this year due to the impacts caused by the ongoing COVID-19 pandemic.

By C. Nika