16:22 | 20/07/2018 Global Economy
Cambodia has attained various socio-economic achievements over the past years, a success of the political platform and the Rectangular Strategy – Phase III of the Cambodian Government led by Prime Minister Hun Sen.
|A view of Phnom Penh capital city of Cambodia at night - Photo: Lighthousecambodia.org|
Despite the unstable global economic situation, Cambodia has sustained fast economic growth at 7.7 percent on average over the last two decades, which is reflected in the expansion of industry, textile-garment, construction, agriculture, tourism and real estate.
Cambodian people’s living standards have improved dramatically, with the poverty rate dropping from 53.5 percent in 2004 to 13 percent in 2016.
To achieve this, the country has carried out its macro-economic policy in a prudent manner to keep stable economic growth, boost economic diversification and competitiveness, and promote domestic production and consumption.
Many global economic organizations have projected further positive growth for Cambodia. The World Bank predicted that the economy is likely to grow by 7 percent in 2018 and 2019.
Tourism is one of the highlights of the Cambodian economy. With many places of interest like the Angkor Wat temple complex, Preah Vihear Temple and the Sambor Prei Kuk archaeological site, the Southeast Asian nation has become a popular destination for international visitors. The Ministry of Tourism reported that in the first four months of this year, Cambodia welcomed more than 2.2 million foreign arrivals, up 13.5 percent from a year earlier.
Peace, political stability and security have helped the country continue to gain major accomplishments in development and improve people’s living standards.
Amid global and regional changes, the Cambodian government has persisted with its foreign policy of neutrality and non-alignment, greatly helping protect its national territory, sovereignty and interests and developing the country.
Cambodia is an active member of many regional cooperation mechanisms such as the Mekong River Commission, the Cambodia-Laos-Vietnam Development Triangle Area and the Greater Mekong Subregion.
The country has trade relations with about 150 countries and territories around the world and is expanding cooperation with major countries and development partners. It is also working to strengthen ties with neighboring countries.
At campaigning activities ahead of the general election slated for later this month, Prime Minister Hun Sen, leader of the ruling Cambodian People’s Party, has called on people to join hands in developing and protecting the country.