Cambodia aims to become high-income country in 2050
Cambodia has set a target of becoming a high-income country by 2050, stated Cambodian Prime Minister Hun Manet while addressing the 78th session of the UN General Assembly in New York on September 22.
Cambodian Prime Minister Hun Manet addresses the 78th session of the UN General Assembly (Photo: AFP/VNA)
Hanoi (VNA) – Cambodia has set a target of becoming a high-income country by 2050, stated Cambodian Prime Minister Hun Manetwhile addressing the 78th session of the UN General Assembly in New York onSeptember 22.
He said that like other developing countries, Cambodia has alot more to do to reach its goal of becoming an upper-middle-income country by2030 and a resilient, vibrant and prosperous high-income country by 2050.
The Cambodian PM underlined that his government is committedto taking transformative actions through the recently launched PentagonalStrategy for Cambodia's socio-economic development over the next 25 years.
The Pentagonal Strategy's Phase I is underway, focusing on the five areas of growth, employment, equity, efficiency, and sustainability, hesaid, adding that the five key priorities are people, roads, water, electricityand technology, especially digital technology.
PM Hun Manet said that the country is steadily transitioningfrom a least developed country status to a developing country status in 2027. Hesaid the country’s economic growth is expected to continue expanding 5.6% in2023, up from 5.2% in 2022./.
Cambodia is confident of realising its goal of exporting 1 million tonnes of rice by 2025 as exports have reached over 400,000 tonnes in the first eight months of this year.
The National Bank of Cambodia (NBC) announced on September 19 that it will continue holding two auctions of US dollars (each worth 10 million USD) on September 20 and 22, to ensure exchange rate stability, maintain the purchasing power of the Cambodian riel, and support the economic recovery process following the COVID-19 pandemic.
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Cambodian Prime Minister Hun Manet addresses the 78th session of the UN General Assembly 
