Cambodia’s per capita GDP to exceed $2,000 in 2024

Cambodia communication　No.23/80
October 31st

According to the Cambodian Ministry of Economy and Finance, Cambodia’s per capita GDP is projected to increase from approximately $1,917 in 2023 to $2,071 in 2024. This was reported by Khmer Times and others.

According to the paper, the sectors that boost GDP are clothing exports, tourism, construction, and agriculture. The government expects Cambodia’s economic growth rate to rise from 5.6% in 2023 to 6.6% in 2024. Cambodia’s economy was growing at around 7% annually before the coronavirus outbreak, so this forecast shows that hard-hit industrial sectors such as tourism and construction are recovering.

Regarding Cambodia’s economic growth, Prime Minister Hun Manet gave a speech in Phnom Penh on October 28, stating, “We aim to become an upper middle-income country by 2030 and a high-income country by 2050.” That’s what it means. According to the World Bank’s classification, upper middle income countries have per capita GDP between $4,466 and $13,845. Cambodia will aim for a GDP that is approximately double its current level.