Hun Sen Reaches for Ambitious Income Target
Going by the World Bank’s method of grouping nation states by their wealth, Cambodia this year could become a lower-middle income country. Not satisfied, however, with this graduation—a feat in itself from Cambodia’s position of extreme poverty just two decades ago when gross domestic product (GDP) per capita was $240—the government is already eyeing the next milestone. .. If this happens, Cambodia could gain membership to the International Bank for Reconstruction and Development, a branch of the World Bank, and give the government access to more capital. As a low-income country, Cambodia has only had access to concessional loans from the World Bank’s International Development Association. … Government estimates predict that by 2030, Cambodia’s population will have reached 18.4 million, meaning that to achieve an upper-middle income GDP per capita, the total size of the economy would need to top $74 billion. This would mean the economy multiplying more than five times in 18 years—from its 2012 size of $14.25 billion—and would require GDP growth of more than 9.5 percent annually over the period. …
http://www.cambodiadaily.com/business/hun-sen-reaches-for-ambitious-income-target-18766/
