Strong Economic Growth Benefits Cambodian Equally: Official

Khmer Circle: 

It seems we have heard of Cambodia’s “economic growth” for ever! Well, they even talked about the “unprecedented socio-economic equality” under Pol Pot’s Democratic Kampuchea; a golden revolutionary era of growth and prosperity! It is true that the Cambodian economy has had to start with the nadir of that period’s dark age in almost every respect, with perhaps, the one exception in as far as there were still forest cover in areas apart from lands used for crops and rice cultivation and, abundant fisheries (another vital source of Cambodians’ protein)  in the lake and river systems throughout the country. It’s not meaningful talking of “strong economic growth” where such growth is marked or marred by stark social economic polarities; where economic or material wealth - in tandem with centralised political power - is largely entrenched and monopolised or concentrated in the hands of that tiny but powerful political-economic elite. 

There’s no plausible argument or justification - especially, in light of much boasted “ growth” - to allow such growth and polarisation to sweep off large segments of the most vulnerable Cambodians (young children and the elderly, in particular) onto the side streets where they have to beg and scavenge to placate the daily hunger. 

The truest outward and inward sign of a great civilisation (including that of Cambodia’s own Angkor era) is reflected in the care given towards its common populace and its general well-being. 

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AKP Phnom Penh, November 30, 2019 --

The strong economic growth that Cambodia has experienced in the past decades has benefited everyone and created opportunities for all, a high-ranking government official said.

Speaking during a press conference held here on Thursday, H.E. Phan Phalla, Under-Secretary of State at the Ministry of Economy and Finance made the point stressing that the revenue generated by the growth has been distributed fairly to people.

The Kingdom’s economy has grown at an average of about 7 percent in the last two decades and is improving Cambodians’ living standard and income, and allowing them to live more secured lives.

“Cambodia’s poverty rate has decreased dramatically, from 52 percent in 2004 to around 10 percent as of now – thanks to the high economic performance,” H.E. Phan Phalla said.

The Gini index in Cambodia was 0.29 in 2017, down from 0.34 in 2009, according to H.E. Phan Phalla.

The index measures the extent to which the distribution of income among individuals or households within an economy deviates from a perfectly equal distribution.

“Peace and political stability have increased the confidence among foreign investors in our economy, and eventually is boosting the economic growth. Cambodians now can also start up a business to increase their income,” he continued.

Cambodia’s economy growth is projected to slow down to 6.5 percent in 2020, bringing the Kingdom’s GDP to US$29.4 billion, and the GDP per capita is expected to hit US$1,816 – according to the Budget Law for 2020.

By Chea Vannak