PHNOM PENH, March 15 (Xinhua) -- Cambodian Prime Minister Samdech Techo Hun Sen said Thursday that the Southeast Asian nation was expected to turn into a "developed country" by 2050.
"In our vision, Cambodia will become an upper-middle income country by 2030 and a high-income country by 2050," he said in a speech during the opening ceremony of the 2018 Cambodia Outlook Conference.
Hun Sen said to achieve the vision, Cambodia would continue focusing on human resources development, institutional capacity building, modernization of technical equipment and materials, and ICT (Information and Communication Technology) infrastructure development and expansion.
According to the World Bank, Cambodia is now a lower middle-income country after it attained the status in 2015 when its GNI (gross national income) per capita reached 1,070 U.S. dollars.
In the World Bank's classification, lower middle-income economies are defined as those with a GNI per capita between 1,006 dollars and 3,955 dollars, upper middle-income economies are those with a GNI per capita between 3,956 dollars and 12,235 dollars, and high-income economies are those with a GNI per capita of 12,236 dollars or more.
Meanwhile, the prime minister said that Cambodia was projected to achieve the economic growth of around 7 percent for 2018, making the GDP (gross domestic product) value increase to about 24.5 billion U.S. dollars.
Cambodia's growth heavily relies on garment export, tourism, construction and real estate, and agriculture.