Cambodia aims to become high-income country in 2050

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 Manet while addressing the 78th session of the UN General Assembly in New York on September 22.

He said that like other developing countries, Cambodia has a lot more to do to reach its goal of becoming an upper-middle-income country by 2030 and a resilient, vibrant and prosperous high-income country by 2050.

The Cambodian PM underlined that his government is committed to taking transformative actions through the recently launched Pentagonal Strategy 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, he said, adding that the five key priorities are people, roads, water, electricity and technology, especially digital technology.

PM Hun Manet said that the country is steadily transitioning from a least developed country status to a developing country status in 2027. He said the country’s economic growth is expected to continue expanding 5.6% in 2023, up from 5.2% in 2022./.

VNA