Hun Sen demonstrates his recently acquired knowledge in macroeconomy after obtaining his honorary PhD in economy from Hanoi U

February 22, 2007
Hun Sen highlights macroeconomic stability of Cambodia

"Cambodia's economy is still marred by narrow base of growth, encroachment of natural resources and urgency to redistribute the fruits of economic growth to increase benefits for the poor."

Cambodian Prime Minister Hun Sen on Thursday highlighted the macroeconomic stability of the country while addressing at forum attended by more than 100 decision makers from various sectors.

Cambodia enjoyed "robust economic growth in an average of 8.4 percent per annum from 1994 to 2006," Hun Sen said at "2007 Cambodia Economic Outlook Conference: Opportunities for Growth, Development and Shared Prosperity."

Economic growth was maintained at 10.4 percent in 2006 and 13.5 percent in 2005, he said at the forum organized by the Cambodia Development Resource Institute (CDRI), the country's leading independent development policy research unit.

Per capital income doubled from 247 U.S. dollars in 1994 to 500 U.S. dollars in 2006, he said, adding that inflation was low and averaged three percent between 1994 and 2006 and the exchange rate has been broadly stable.

Meanwhile, the kingdom's foreign reserves rose by 10 times from the low level of 100 million U.S. dollars to more than one billion U.S. dollars in 2006, he said.

However, Cambodia's economy is still marred by narrow base of growth, encroachment of natural resources and urgency to redistribute the fruits of economic growth to increase benefits for the poor.

CDRI inaugurated the two-day seminar in partnership with the ANZ Royal Bank to raise awareness on and stimulate debate about key development issues in Cambodia, to facilitate discussion of prospects for Cambodia's future, and highlight the importance of both good government policy-making and the crucial role of the private sector in Cambodia's future development.

Source: Xinhua