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Economists: Major reform needed to achieve the Cambodia’s vision for 2030

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As Cambodia’s economic growth slows, it could jeopardize Cambodia’s vision to become High-middle-income countries by 2030, improving the business environment, improving infrastructure Alliance and building a capable workforce are the way forward. This is according to the World Bank’s economics expert.

According to the article by experts¬†entitled: “Cambodia 2030: economic slowdown as an opportunity to accelerate version Forms ¬ĽFurther refinement of the business environment is critical to boosting the company’s productivity and competitiveness In Cambodia, by easing the complex and strict requirements for doing business, especially the issuance of licenses and permits For doing business.

The article adds that improving Cambodia’s infrastructure and logistics is an important foundation for Increasing productivity and international competitiveness and that Cambodia needs to increase learning outcomes to respond And the lack of skills to create a workforce capable of preparing for the future and boosting the country’s productivity.

“Labor productivity growth has slowed sharply over the last five years, and companies have reported Be aware of the growing lack of skills. Not many Cambodian children are enrolled in early childhood education. Which means missing out on opportunities for early childhood development and barriers to return The mother went to work to earn money. According to the article above.

Cambodian Prime Minister Hun Manet has said in the past that Cambodia remains ambitious in becoming an income country. High average in 2030 and high income in 2050.

Responding to a VOA question, Ministry of Economy spokesman Meas Sok Sen San said the government always considers all of its proposals. Partners.

“We work with all partners and will review them to put them in place,” he said. With all the characters involved.

Ministry of Labor spokesman Kata On told VOA that according to the assessment of Cambodian economic experts in 2024 will It rose to 6.6 percent and that investment also increased. He added that in order to comply with the labor market, the government has opened vocational training for young people in response to Problems are facing.

“We see that about 30,000 young people have registered and the first phase of the training is open,” he said. There are 700 classes. So, from day to day, our young people continue to register and we continue to open classes. Therefore, from now on, our young people will have clear skills in life and have high skills to enter “Serve in the factory sector, which is a necessary need of the nation from now on.”

According to the above analysis, World Bank economists claim that higher economic growth is a desire that Achievable. It just requires Cambodia to shift to a more sustainable economic growth model based on high productivity. Be bold in restructuring, increase quality investment in infrastructure and human resources, and implement development policies that Be weather savvy.

It should be recalled that since the formation of the new government, which is composed mostly of young people, many new political programs Is set out under the Pentagon strategy, which aims to transform Cambodia into a middle-income country. High by 2030 and towards achieving the vision of high-income Cambodia by 2050.

With the introduction of new policies of the seventh term government, World Bank economists also provide Comment on that Cambodia needs to be open to accepting investment to support its economic growth in the context of The world is facing crises. And the country must continue to strengthen education from early childhood to high school to increase productivity. And its competitiveness going forward.

The World Bank also forecasts that Cambodia’s economic growth will reach 5.8 percent by 2024 and 6.1 percent. Hundreds in 2025 with expectations of increased infrastructure investment and the benefits that will come from Cambodia has trade agreements with countries in the region. (VOA News)

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