Cambodia’s 2018 economy shows signs of firmer growth
Cambodia’s 2018 economy shows signs of firmer growth
  • Choi Nam-suk
  • 승인 2018.07.04 12:11
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Cambodians have been vigorously developing the nation further with the highest determination. Remarkable economic achievements are of factors that strengthen hand of the Cambodian People’s Party on the threshold of the National Assembly Elections.

In 2018, the last year to implement the political platform laid down for five years by the fifth-legislative term of the National Assembly Royal Government (2013 - 2018) stemming from the political platform of the Cambodian People’s Party (CPP) for the Construction and Defense of the Motherland (2013 - 2018), CPP has embolden the success in furthering the nation’s economic growth. Under the leadership of CPP, the Royal Government has realized as planned as inclusive and equitable economic growth within 7%, making a historical milestone transferring the country from lower income to lower-middle income country officially in 2015, and considered as a ‘new economic tiger in Asia’ for 2016.

In real, people’s living conditions are improved through social indicators, especially growing GDP of 1,042 USD per person in 2013 to 1,435 USD in 2017, and will be 1,563 USD in 2018. Poverty rate has dropped sharply from 53.5% in 2004 to 13.5% in 2016. People’s income gap has also been narrowed. The Royal Government has increased incomes for civil servants and armed forces year after year in accordance with its goal to reach one million Riel in 2018. Unemployment rate in Cambodia has gone down to 0.3% while miserably poor condition eliminated in 2018.
In the last 2017, flow of foreign direct investment recorded in a balance of payment grew well from 16% to 17% annually, about 2,500 million USD, and it could reach roughly 3,000 million USD in 2018. Inflation stays low while foreign exchange still maintains stability. Along with this, flow of money sent in from abroad by the workers is large, roughly 560 million USD in this year, and would reach 600 million USD next year. This has brought in a positive factor to the nation’s balance of payment, while the foreign reserve of Kingdom could support six and a half months imports, compared to only three months previously. This has happened along with an improved public financial status. Cambodian economic growth continues to secure its firmness for a medium period to come.

It should be of note that in 2018, political factors in the country at a time closer to the elections taken place on 29th July not only increase confidence in domestic political situation but also energetically further all sorts of economic activities. There have been remarks that economic activities are functioning normally, and are gaining even stronger momentum. People can believe that the coming election in July 2018 will have no remarkable impact on the country’s current political and economy situation.

In these latest months, imports and exports of all sorts continue to grow strongly and in a volume gradually bigger than GDP. Wholesale and retail activities continue to improve. Tourism continues to strive well, while loans provided by private banks stay strong and firm. Land and estate sector – a leading indicator reflecting confidence in the economy – continue to be busy with gradually increasing values and prices. Cambodia’s relations with foreign countries and international organizations steadily improve.

The Cambodian economy in 2018 has been expected to grow at 7%. Agriculture is expected to reach 1.8%. The industrial sector will continue to maintain firm growth at a rate of 10% supported by strong growth in construction. The garment industry maintains growth within 5% because world economic status, especially economies of those countries partnering with Cambodia, has been better than expected. Other sectors under industry expected to achieve good growth at 11.9% thanks to expansion of existing and investments in non-manufacturing sub-sector, which is a strong buttress to growth. Service sector is expected to achieve 7% growth. In which tourism continued to rise at a 4.5% growth rate, whole and retail sales at 7.2%, thanks to expected growth of local consumptions. Estate sector will secure a firm growth within 8.5% with a tendency in parallel to construction. Inflation has been predicted to stay at a manageable level at 3.4%. Exchange rate of Riel to the USD has been expected to be stable at around 4,050 Riel to one USD. As a whole, in 2018, the Cambodia economy continues to show signs of stronger and firmer growth.

It should be noted that the Cambodia’s achievements and strong development prospects in 2018, and the years to come, are possible because of the correct political leadership, strong will and courage of the head of the Royal Government and CPP, led by Samdech Akka Moha Sena Padei Techo Hun Sen. Along with these, there are also supports and sacrifices from the people of Cambodia as a whole in absolutely defending peace, political stability, security, and public order to maintain and drive further national development.

Based on this spirit, may every the eligible Cambodians in the whole country who already has their names registered goes to vote to choose their members of the National Assembly on 29 July 2018 to fulfill their citizens’ rights of owning their destinies. CPP is believed to be chosen by Cambodian people to continue leading the Kingdom to further progress, especially to maintain peace and security, which are the most valuables for the prosperity of the nation and people.

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