Economic Growth Around 7.2%- AMRO

Phnom Penh: Delegates of the ASEAN + 3 Macroeconomic Research Unit together with senior Cambodian officials have made the same prediction, that, in 2018 Cambodia will achieve a growth rate of around 7.2%, and the average income per person will increase to approximately $ 1,500.

Dr. Junhong Chang, head of the ASEAN + 3 Macroeconomic Research Organization (ARMO), spoke during a working session with Dr. Aun Porn Monyrath Deputy Prime Minister/Minister of Economy and Finance, on September 12, 2018, and said that the purpose of the working visit was to meet with state institutions and the private sector to collect data and additional information as a basis for assessing trends and new developments in the economic and financial situation. Cambodia is part of AMRO’s mission of monitoring the macroeconomic situation of the ASEAN + 3 countries.

For the assessment of Cambodia’s macroeconomic situation, both parties have the same view that in 2018, Cambodia will achieve further growth. The planned figure is around 7.2%, with average per capita income rising to   $ 1,500 with low inflation rates at around 3% a year.

Foreign direct investment has also continued to increase, while Cambodia maintained a good debt position and public financial status, focusing on the development of  infrastructure and increased social services costs, such as health and education.

However, Cambodia’s economy will also face risks of some external factors as domestic challenges  to Cambodia’s competitiveness and problems with the rapid economic diversification.

Dr. Aun Porn Moniroth, Deputy Prime Minister, Minister of Economy and Finance, also highlighted the continued sustainability of high economic growth. The government aims to achieve the goal of transforming Cambodia into a middle-income country by 2030 and a high income country by 2050. To do that, the Royal Government of Cambodia’s 6th Legislature has developed and introduced a fourth phase of the Rectangular Strategy Paper, not only for addressing challenges, but to be ready for the 4th generation industrial revolution and the digital economy of the global economy.

The Deputy Prime Minister asked AMRO to continue providing technical assistance to Cambodia and requesting AMRO continue to allow Cambodian economists to train more with the oranization. In response, Mrs. Junhong Chang expressed her strong support for the Ministry of Economy and Finance’s request for capacity-building training and human resources of Cambodia.

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(feature photo: Bloomberg)