New Royal Government achieves macroeconomic stability amid global turmoil: PM
New Royal Government achieves macroeconomic stability amid global turmoil: PM
Cambodian Prime Minister Hun Manet stated that the country has over 750,000 small and medium enterprises. He noted that, despite global turmoil, the new government has maintained macroeconomic stability over the past ten months.
He made this statement on Thursday (Jun. 27) at the significant celebration of the first National Day of Micro, Small, and Medium-sized Enterprises (MSME Day 2024), a crucial event for the Cambodian economy, held at the Diamond Island Convention and Exhibition Centre.
The premier acknowledged that the Cambodian economy has not fully recovered to its pre-COVID levels. However, the Royal Government has implemented several measures to address these issues. He encouraged and supported the private sector but reminded them not to assume that the government would always favor them.
Dr. Hun Manet highlighted the accomplishments of the Royal Government of the 7th legislature over the past ten months.
First, the Royal Government is significantly guaranteed to ensure peace and social stability, which must be strictly protected at all costs. This is essential for safeguarding the rights and freedoms of the private sector, creating jobs, and promoting the livelihood of citizens.
Second, the Royal Government of Cambodia has demonstrated unwavering commitment in maintaining macroeconomic stability and curbing inflation. The government has controlled oil and electricity prices, while some countries have seen prices triple due to the Russia-Ukraine war crisis. This effort balances energy and consumption.
The first 10 months of 2024 have been challenging due to the global economic crisis. Although the national economy is recovering, it has not yet returned to pre-COVID levels. Without the right policies, Cambodia risks losing its macroeconomic balance.
Third, the government has actively supported the market economy by setting sound economic policies and ensuring a robust legal framework. The Royal Government continues to invest in human resources, infrastructure, ports, airports, canals, and logistics systems. Efforts include redesigning transportation systems, organizing rail transport, building roads in cities and provinces, and rehabilitating the tourism sector. These initiatives have not been suspended over the past 10 months, demonstrating the government’s unwavering support for the market economy.
On this occasion, Prime Minister Hun Manet highlighted efforts to attract tourists by establishing direct flights with India. He added that earlier today, he also discussed with the Thai Foreign Minister ways better to connect the tourism sectors of Cambodia and Thailand.
