High-income country status set for 2050

PRIME Minister Hun Manet says Cambodia has come up with a strategy to transform it into a high-income country by 2050.

He made the remarks at the 78th Session of the United Nations General Assembly in New York, the United States on Friday, according to a text of his speech released to the media.

“Like many developing countries, Cambodia has a lot more to do to reach our goal of becoming an upper-middle income country by 2030 and a resilient, vibrant and prosperous high-income country by 2050,” said Hun Manet.

“To this end...my government is committed to taking transformative actions through our recently launched Pentagonal Strategy for Cambodia’s socio-economic development over the next 25 years,” he added.

The Pentagonal Strategy is being implemented from Phase I in the five areas of growth, employment, equity, efficiency and sustainability, Hun Manet said.

He added that the five key priorities are people, roads, water, electricity and technology, especially digital technology.

According to the Cambodian leader, the country is steadily transitioning from a least developed country status to a developing country status in 2027.

He said the kingdom’s economy is expected to continue growing at 5.6% in 2023, up from 5.2% in 2022. — Xinhua

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