SHV’s Poverty Rate Drops to 1.68% Amidst Robust Economic Growth in 2023

• 3 May 2024
• Local News
• 2546 Views

Amidst a surge in economic prosperity, Sihanouk Province witnessed a notable decrease in its poverty rate, plummeting to 1.68% in 2023. This remarkable achievement stems from the province’s robust economic growth, which soared to 6.4% during the same period.

These encouraging figures were unveiled by HE Long Dimanche, Deputy Governor of Preah Sihanouk Provincial Board of Governors, during a seminar on the Dissemination of Investment Law and Sub-Decree on the Implementation of Investment Law and Capacity Building Program for Sihanoukville Provincial Investment Sub-Committee on April 29, 2024.

Highlighting the province’s economic trajectory, HE Long Dimanche revealed that in 2023, Sihanoukville boasted an average per capita income (GDP) of $4,602, marking a significant leap forward in economic prosperity. The substantial economic growth, coupled with strategic initiatives, played a pivotal role in driving down the poverty rate to an impressive 1.68%.

The seminar, attended by various stakeholders including HE Yun Heng, Deputy Secretary General of the Cambodian Investment Committee, representatives of Sihanoukville Port, Provincial Chamber of Commerce, traders, and relevant departments under the provincial administration, underscored the concerted efforts towards bolstering economic development in the province.

HE Yun Heng emphasized the government’s commitment to fortifying Sihanoukville’s economic foundation by implementing smart strategies to attract and incentivize investors. Such initiatives are geared towards fostering a conducive environment for sustainable economic growth and prosperity.

These achievements mark a significant leap from 2022, when Sihanoukville reported an economic growth rate of 2.3% and a poverty rate of 1.86%. The province’s commendable progress underscores its emergence as a key economic powerhouse in Cambodia.

• Economy and Finance