GDP per capita in Cambodia is expected to reach $2,071 in 2024

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CSX index: mixed performance on October 30, 2023 The CSX index closed at 440.1 points on October 30, 2023, up 0.09% from the previous day. On the main board, the biggest gainers were PPSP (+0.47%), PAS (+0.33%), PWSA (+0.28%), and ABC (+0.21%). Meanwhile, the biggest losers were GTI (-1.75%) and PPAP (-0.57%). PEPC, MJQE, and CGSM all closed at the same price as the previous day. On the growth board, DBDE remained unchanged, while JSL experienced a significant drop (-4.64%). A total of 62,435 shares valued at KHR 460 million were traded. (Source: YSC Research)

Economy and Industry

GDP per capita in Cambodia is expected to reach $2,071 in 2024 Cambodia's GDP per capita is expected to reach $2,071 in 2024, up from $1,917 in 2023, according to a report from the Ministry of Economy and Finance. The economy is expected to grow 6.6% next year, driven by garment exports, tourism, construction, and agriculture. The country, which has been classified as a lower middle-income economy since 2015, aims to achieve an upper middle-income status by 2030 and a high-income status by 2050. Prime Minister Hun Manet stated that the country's poverty rate has dropped from 33.8% to 17.8% over the past decade, with nearly 2 million Cambodians escaping poverty. The country has a population of around 17 million, with people living below the poverty line earning less than 10,951 riel or 2.7 dollars per day. (Source: Khmer Times)

$9.4 billion is approved for government spending in Cambodia Cambodia has approved a draft budget of 38,829 billion riels ($9.4 billion) for government spending in 2024, a decrease from $9.64 billion in 2023. The budget, which is equivalent to 27.16 percent of the country's GDP, will focus mainly on social sector, education, vocational training, and health. The national level budget will account for KHR 34,497 billion ($8.35 billion), or 24.13 percent of the GDP, down 5.8% compared to the 2023 budget law. The subnational level budget will be KHR 4,332 billion ($1.04 billion), or 3.03 percent of GDP, up 6.6% compared to 2023. The draft budget law will need to be adopted by the National Assembly and reviewed by the Senate before being submitted to King Norodom Sihamoni for endorsement.

China received about 11,400 tonnes of longan exports from Cambodia Cambodia exported 11,403 tonnes of fresh longan to China as of October 2023, according to the Ministry of Agriculture, Forestry and Fisheries (MAFF). The ministry has registered 97 plantations and exporting firms, with 12 verified for sanitary and phytosanitary standards. The ministry is supporting farmers by strengthening Pailin longan cultivation and promoting domestic processing for local market supply and export. From October to December 2022, Cambodia exported 2,942 tonnes of fresh longan to China. Longan is Cambodia's third fresh fruit to gain official access to the Chinese market, after banana and mango. (Source: Khmer Times)

Corporate News

Wing Bank supports youth entrepreneurship in Cambodia Wing Bank, a rapidly growing bank in Cambodia, has been a significant supporter of the Ministry of Education, Youth, and Sport's youth entrepreneurship programs, the Business Plan Contest and Youth 21. These initiatives aim to equip young individuals with essential skills to establish their own businesses in the digital age. Wing Bank has been a dedicated sponsor of the programs since 2021 and 2022, aligning with the Digital Economic Policy Framework 2021-2035. These programs engage out-of-school students in business plan competitions, fostering skill development and entrepreneurship. Entrepreneurs are vital drivers of social and economic development, contributing to job creation, economic growth, innovation, social impact, and community empowerment. Wing Bank has supported the programs with both in-kind and in-cash contributions, actively participating in the contest's evaluation committee. (Source: Khmer Times)

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