Samdech techo Hun Sen ៖ Peace and political stability are firm foundations for Cambodia economic development

Samdech techo Hun Sen said In the past year 2019, overall situation of Cambodia has had a positive evolvement bestowing a favoring upon our efforts to realize socio-economic development goals, though international situation continues to be uncertain. In this specified period, the Royal Government of the sixth legislative National Assembly implemented steadfastly its political platform and the rectangular strategy phase 4 that I set out in September 2018 scoring major new achievements:

  • Peace, political stability, security, and public order well and firmly safeguarded brings about people’s peace of mind to make their peaceful and harmonious living. Every attempts of bad elements to exercise regime change in Cambodia by unconstitutional means and democratic principles failed thanks to vehement measures taken by the Royal Government and people’s joint forces to defend their peaceful lives and development. Notably, the patriotic spirit to defend national independence, sovereignty and territorial integrity raised high despites external pressures, while democratic process and rule of law strengthened, and every people’s rights widened.
  • Process of deep and wide ranging reforms carried out with sharpening will and more effectiveness through new, thorough and inter-related actions among reform-takings sites, especially those in public administration, public financial management, centralization and decentralization, legal and justice system, and anti-graft efforts. They have guaranteed uplifting of good governance of every level institutions to provide public services for the people, to strengthen social justice and equality, to increase national budget and to exercise control of spending in a rational manner and for socio-economic development.
  • Peace and political stability are firm foundations for Cambodia economic development to score growth of 7.1% in the context of low inflation, stable exchange rate, and increasing foreign reserves. The growth supported by positive up-curve in service sector and high growth in industry, though agriculture continues to contribute low share. Political stability restores local and foreign investors’ confidences to put in more capitals, especially in the field of construction and manufacturing. Local consumption and international trade have also taken notable thrusts.
  • Thanks to achievements scored in economic sector and equitable redistribution of growth in the whole society, people’s living conditions have improved reflecting though a GDP per capita of 1,548 USD in 2018 to roughly 1,679 USD in 2019. The poverty rate has come down to below 10% at present. Cambodia has maintained a labor security where there are 0.3% of unemployment rate.