Tuesday, September 21, 2010

Cambodian Gross Domestic Products and Economic Growth

BY BUTH REAKSMEY KONGKEA

Prime Minister Samdech Techo Hun Sen has praised about the Gross Domestic Products (GDP) and economic growth in the period of three decades made by Cambodian government. He said since the first national election in 1993, Cambodian government had been achieved its sustainable GDP, economic growth and social developments in the country.

The Cambodian economy was grown approximately 6.3 percent per annum during 1994-1998, 8.8 percent during 1999-2003 averaged 8.8 percent and 10.8 percent during 2004-2008.

“We, Cambodians, understand very well that peace and political stability are pre-requisites for scaling up and sustainable socio-economic development. In this regards, the “Win-Win Policy” of national recognition that I initiated and implemented have brought full peace, national recognition and genuine territorial unity since 1998. Finally, we ended the Khmer Rouge regime and the remaining Khmer Rouge political and military forces were integrated into the main stream of the Cambodian society,” he said during opening ceremony of the “2010 Asialink Conversation-Cambodia on September 4th in Phnom Penh.

Prime Minister said that with the return of full peace, a sense of confidence and pride pervades the country, a feeling that bodes well for bright prospects for economic growth and job creation and a concrete vision of a promising future. “We have implemented successfully “the Triangular Strategy”, focusing on strengthening peace and security, integrating Cambodia into the region and the world, promoting reforms and developments,” he added.

Cambodian government has embarked on wide-ranging reforms focusing on macro-economic management, public financial management and financial sector reforms, and rehabilitation and reconstruction of physical infrastructures, especially national road network, he said, adding that since then Cambodian economy has undergone a dramatic and rapid transformation. Economic growth during 1999-2003 averaged 8.8 percent. The economic growth in 2004-2008, averaged 10.8 percent, as a result of these endeavors.

“Cambodia can be considered as a successful posts-conflict country. With a support from our development partners and private sector, Cambodia has made a giant stride in development in the last decade,” he noted.

Prime Minister emphasized that since 1993 Cambodian Gross Domestic Products (GDP) increased fourfold from US$ 2.4 billion in 1993 to US$ 10.3 billion in 2008. During this period per capita income has more than tripled from US$ 229 to US$ 739. Poverty rate was reduced from around 50 percent in 1993 to 30 percent in 2007, then 27.4 percent in 2009.

The structural reforms were undertaken to allow the Cambodian people to live in a modern civilized society, he said, adding that these reforms are necessary, a life-or-death matter, so that Cambodian society can face the future confidentially and achieve prosperity.

“The Government has acted swiftly to counter the social impact of falling incomes and employment from declining garment exports, tourism and construction pursuant to the crisis. Cambodia has managed to maintain the stability, especially the normalcy of the people’s livelihoods,” he said.

Prime Minister went on to say that with these reforms Cambodia is moving on right track and with the implementation during the last five years of the Public Financial Management Reform Program, government revenue more doubled from US$ 553 million in 2004 to US$1.2 billion in 2009. The expenditure tripled from US$ 758 million to US$ 2 billion. In 2009, the Gross Domestic Products experienced a positive growth, though very small, as agriculture and services sector maintained robust growth. ///

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