12-6-2024 (PHNOM PENH) Cambodia’s Minister of Economy and Finance, Aun Pornmoniroth, has expressed optimism about the country’s economic prospects, predicting a growth rate of 6 percent for 2024, marking an uptick from the 5 percent forecast for the current year.
Addressing an audience during the inauguration ceremony of the Asian Development Bank’s new resident mission in Phnom Penh on Wednesday, Pornmoniroth attributed the projected growth to the resurgence of the global economy, particularly among Cambodia’s key trading partners.
“The growth is driven by the resurgence of the global economy, especially those of Cambodia’s trading partners,” he stated, underscoring the nation’s reliance on international trade and economic cooperation.
Cambodia’s economy is underpinned by several vital sectors, including garment, footwear, and travel goods exports, tourism, agriculture, and the real estate and construction industries. The minister emphasized that domestic economic activity continues to maintain stability and positive trends, bolstered by the government’s unwavering efforts to promote the implementation of its policies and strategies.
Aun Pornmoniroth, who also serves as a deputy prime minister, highlighted Cambodia’s remarkable achievements in safeguarding national sovereignty, social order, security, safety, and political stability over the past two decades. He lauded the country’s efforts in maintaining macroeconomic and public financial stability, which have been pivotal in fostering an environment conducive to economic growth and development.
“Cambodia has renewed its image, built a strong foundation of the national economy for development and improved the living standards of the people throughout the nation through continuous development of international trade based on the principles of multilateralism,” Pornmoniroth stated.
The minister further emphasized that Cambodia has become an increasingly attractive destination for foreign direct investment, thanks to its commitment to improving the business and investment environment, developing physical infrastructure such as roads, bridges, canals, and power lines, as well as continuously investing in human capital development.
With a focused trajectory, Pornmoniroth expressed confidence that Cambodia is on track to achieve its goals of becoming an upper-middle-income country by 2030 and a high-income nation by 2050.
