Phnom Penh (FN), June 28 – Cambodian Prime Minister Hun Sen, President of the Cambodian People's Party (CPP), said that Cambodia's economy was expected to grow at 7.1%, supported by strong growth of Industry and service growth, although the agricultural sector continues to grow, addressed in the Meeting to commemorate the 68th Founding Anniversary of the CPP, held Friday, at Koh Pich Phnom Penh.

As far as socio-economic development process is concerned, in the last two decades, Cambodia has been among countries with high and rapid economic growth as it has realized an average growth of over 7% per annum supported by progresses made in industry, manufactures, construction, agriculture, service, tourism, real estates, communication and transports, according to the premier.

The unexpected growth was possible because of political and macroeconomic stability, growing private investments, consumption demands, exports and number of tourist arrivals, and more.

It is worth noting that in the first half of 2019, every economic activities are functioning well. For instance in the past early four months, the country has adopted 115 investment projects worth of roughly four billion USD compared to 81 projects worth of 863 million USD adopted in 2018.

Exports of garments continue to keep high growth. Exports of rice has realized over 210,000 metric tons, or 8.3% higher compared to 2018.

Construction and real estate sectors continue to share high growths. Cambodia has received over 2.4 million tourists or 11% higher compared to the same period in 2018.

Recently, the Royal Government of Cambodia issued sharp reforms measures in accordance with the motto of “reforming internally, increasing friends in spirit of independence,” and the approach to “reflect oneself in mirror, take bath, scrub off dirt, provide treatment, and conduct surgery.” Those measures include efforts to raise high trade facilitation, reduce cost of electricity, continue to build physical infrastructure, to strengthen legal frameworks on investments, to continue with institutional reforms to guarantee achievement of Cambodia’s economic independence as a country with absolute sovereignty.

The reform measures should also help improve investment atmosphere, strengthen competition, and expedite more energetic economic diversification, especially to guide Cambodian through to realizing its long-term vision to transform from low-middle income to high-middle income country by 2030 and high-income country by 2050.

Based on these mentioned economic achievements, people’s quality of life has been raised high from time to time, while average income per person has grown five times from 2000 to 2018. The poverty rate has reduced from 53.2% in 2004 to about 10% at present.

In the framework of implementing national policy on social protection to uplift social wellbeing and solidarity, and to reduce poverty to the maximum, the Royal Government established the National Social Security Fund (NSSF) aimed at providing social security guarantee and keeping wellbeing of the Cambodian people when they are senile, despondent, and suffering from job risks.