Posted by Serath
PHNOM PENH, (Cambodia Herald) - Cambodia might be able to liberate itself from poverty and its low-income status to become a middle-income economy over the next nine years, a government official said today.
"In 2020, Cambodia might be able to grow to another level and it may be able to double GDP by then, greatly reducing poverty as socio-economic development enhances the livelihoods of many Cambodian people," said Ngy Chanphal, vice-chairman of the Council for Agriculture and Rural Development.
Speaking at workshop on micro-insurance and social protection workshop, he said: "Cambodia will move forward ... and could become a middle income country."
Ngy Chanpal said Cambodia's development paradigm must shift to a higher gear for high productivity and efficiency with equity.
Social protection, he said, is a crucial tool for equitable development as an investment in being more inclusive, offering returns in poverty reduction, increased demand and translating into expanded markets and a healthier, better educated and more productive workforce.
"Social protection is regarded as one of the most cost effective development tools to sustain high growth and with equity," he added.
Cambodia has enjoyed significant economic growth over the past decade with the national poverty rate dropping from 34.7 percent in 2004 to 25.8 percent in 2010. However, gaps between rich and the poor and inequality between rural and urban areas are still challenging issues.
The World Bank currently classifies Cambodia as a low-income economy, with income per capita of $1,005 or less, along with Myanmar. Neigboring Laos and Vietnam are considered lower middle-income economies ($1,006 to $3,975) while Thailand is classified as an upper middle-income economy ($3,976 to $12,275).
"In 2020, Cambodia might be able to grow to another level and it may be able to double GDP by then, greatly reducing poverty as socio-economic development enhances the livelihoods of many Cambodian people," said Ngy Chanphal, vice-chairman of the Council for Agriculture and Rural Development.
Speaking at workshop on micro-insurance and social protection workshop, he said: "Cambodia will move forward ... and could become a middle income country."
Ngy Chanpal said Cambodia's development paradigm must shift to a higher gear for high productivity and efficiency with equity.
Social protection, he said, is a crucial tool for equitable development as an investment in being more inclusive, offering returns in poverty reduction, increased demand and translating into expanded markets and a healthier, better educated and more productive workforce.
"Social protection is regarded as one of the most cost effective development tools to sustain high growth and with equity," he added.
Cambodia has enjoyed significant economic growth over the past decade with the national poverty rate dropping from 34.7 percent in 2004 to 25.8 percent in 2010. However, gaps between rich and the poor and inequality between rural and urban areas are still challenging issues.
The World Bank currently classifies Cambodia as a low-income economy, with income per capita of $1,005 or less, along with Myanmar. Neigboring Laos and Vietnam are considered lower middle-income economies ($1,006 to $3,975) while Thailand is classified as an upper middle-income economy ($3,976 to $12,275).
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