Phnom Penh (FN), Nov. 24 – Cambodian Prime Minister Hun Manet stated that the Cambodian economy has grown by more than seven per cent every year in the last decades before the COVID19 crisis, and Cambodia is on a clear path to graduate from the status of Least Developed Countries (LDCs) by 2029.
The premier spoke on Sunday (Nov. 24) during the opening of the 11th Plenary Session of the International Parliament for Tolerance and Peace (IPTP) at Sokha Phnom Penh Hotel.
Samdech Thipadei underlined that the fruits of Cambodia's development are being shared in remote rural areas across the country.
Samdech Thipadei stated that some key social indicators provide practical evidence of Cambodia's environmental development, include an increase in life expectancy from 59 years in 2000 to 76 years in 2021; a decrease in maternal mortality from 437 in 2000 to 154 in 2022 per 100,000 live births; and neonatal mortality dropping from 37 in 2000 to just eight in 2022 per 1,000 live births.
Please be informed that Cambodia's gross domestic product (GDP) had steadily risen to USD 29.61 billion in 2022. Over the last two decades, the poverty rate has consistently decreased at an average annual rate of 1.6 per cent, from 60 per cent in 2000 to 16 per cent in 2022. Additionally, the Cambodian economy has been growing at more than 7 per cent per year. This impressive growth has lifted Cambodia out of poverty and into the status of a lower-middle-income country by 2015. Foreign direct investment increased from USD 110 million in 2000 to USD 4.9 billion in 2023.
Cambodia's trade volume grew from about USD 4.5 billion in 2004 to an estimated USD 47.88 billion in 2023, with total exports amounting to approximately USD 23.47 billion.
Cambodia has set a goal to achieve its vision of becoming an upper-middle-income country by 2030 and a high-income country by 2050.
Samdech Thipadei reaffirmed Cambodia's clear understanding of the value of peace, which he highlighted as the fundamental foundation for ensuring the resilience and sustainable development of the nation. Peace has provided Cambodia with the opportunity to invest in its people, institutions, and future.
=FRESH NEWS
