A bird’s-eye view of many of the high-rise buildings surrounding the Central Market in downtown Phnom Penh last May. Hong Menea
Government spokesman Pen Bona foresees that 2024 will be “smooth and more active”, saying the government led by Prime Minister Hun Manet has maintained stability in all sectors and is on track to meet its development goals.
The Government Spokesperson Unit chief elaborated that since Manet took office in a smooth transition of power on August 22, all newly appointed ministers have performed their tasks efficiently and effectively.
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“In the past three or four months, I have noted that the new government has perfectly maintained peace and its work is being completed quickly and efficiently. Based on this, I expect that in 2024 Cambodia will move smoothly towards its development goals,” he said on December 26.
Bona noted that in just that short period of time, the government has already begun implementing the six priority programmes laid out in its Pentagonal Strategy, with many benefits for the people.
He added that since taking over from their predecessors, the ministers have set out their own internal rules and policies while implementing the government’s priority policies.
“Looking at what the ministries have already achieved, I believe that they are ready for 2024. They will be even more active than they are in 2023, and will move the country’s economy forward towards higher growth,” he said.
Chey Tech, an independent socio-economic analyst, echoed Bona’s thoughts on the Kingdom’s stability, reforms and governance, as well as the inauguration of the six priority areas.
“Economic growth for 2023 was 5.6 per cent, with the agriculture sector seeing an increase of 1.1 per cent, and the industrial and service sectors growing by 5.9 and 7.3 per cent, respectively,” he said.
He noted that Cambodia’s economic growth is projected at 6.6 per cent for 2024, with significant contributions from the tourism, garment, agriculture and industrial sectors.
Tech also warned of several challenges which could affect growth, including inflation on energy and food prices, global pandemics, a global economic downturn and the potentially slow recovery of the tourism and real estate sectors.
In order to be ready for these potential issues, he recommended that the government focus more on economic diversity and improvements to logistics, energy, water, and electricity infrastructure. It should also promote competition and improve the Kingdom’s investment environment, while advancing socio-economic digitalisation.
