Per capita income tipped to pass $2K
THE per capita income (PCI) of the Cambodian people in 2024 is projected to exceed $2,000, marking an increase of over 8% compared to 2023, with economic growth expected to reach about 6.6%, according to the Ministry of Economy and Finance’s Budget in Brief for the Fiscal Year 2024.
The growth will increase the current gross domestic product (GDP) to around 142.96 trillion riel ($34.92 billion).
GDP per capita is anticipated to rise to $2,071 this year, up from an estimated $1,917 in 2023 and $1,784 in 2022.
Hong Vanak, director of International Economics at the Royal Academy of Cambodia, told The Post that forecasts for the country’s income growth are the result of meticulous observation and study by experts.
He said there is currently a significant influx of investment in all sectors of the country, noting that as local socio-economic activities have progressed, the per capita income level has risen correspondingly.
He highlighted that the government’s commitment to enhancing the quality of life and income of the people continues to instil hope for the populace.
Vanak noted that the country’s exports to international markets in the past year have shown positive trends despite a sluggish global economy.
“I am optimistic about the progress of Cambodia’s economic growth. Income for Cambodians has steadily increased over the past two decades,” he said, stressing that the country will be able to achieve the goal.
Nevertheless, he advocated for the government and the private sector to intensify their efforts to help the nation realise its 2030 and 2050 vision more swiftly.
He believes this involves attracting more local and foreign investors and bolstering and broadening the export market.
Former Prime Minister Hun Sen reflected on the country’s transformation from a war-torn country into one of the fast-growing economies in the region.
He said the seventh-mandate government has been resolutely committed to fulfilling its responsibilities towards the nation to preserve and enhance national achievements, expedite economic growth and elevate Cambodia to an uppermiddle-income country by 2030, laying the foundations for it to become a high-income economy by 2050.
“Cambodia, where the socioeconomic foundation [had previously] been devastated, has become a land of development in all areas with sustainability and equity, and has graduated from a low-income country to a low-middle-income one, improving people’s lives and giving them hope for the future,” he said in a statement marking the 45th Anniversary of Victory over Genocide on January 7.
According to the General Department of Customs and Excise (GDCE), Cambodia’s international trade volume totalled $42.5 billion in the first 11 months of 2023, down 2.3% from $43.51 billion in the same period of 2022.
The Kingdom exported goods worth $20.49 billion to its trading partners, a 1.2% increase from $20.24 billion in the same interval of 2022. Imports amounted to $22 billion, a decrease of 5.4% from $23.27 billion year-on-year.