AMRO Annual Consultation Report, Cambodia 2018
- Andrew Millar
- Aug 31
- 2 min read
AMRO
Report Description
11th January 2019 (PDF, 46 pages)
This guide provides an in-depth macroeconomic review of Cambodia’s economic performance and outlook in 2018, produced under ASEAN+3 Macroeconomic Research Office (AMRO)’s annual consultation process.
Summary
The report analyses growth momentum, fiscal policy, external competitiveness and financial stability, highlighting risks and policy challenges. It covers Cambodia’s real sector, banking system, fiscal developments and external balances, concluding with tailored recommendations for resilience and diversification:
Cambodia’s economy grew by 7.0% in 2017, with projected acceleration to 7.2% in 2018, supported by exports, construction and tourism.
Inflation averaged 2.9% in 2017 and was projected to fall to 2.6% in 2018, despite rising energy prices.
Gross international reserves reached USD $10 billion by end-2018, covering about 6 months of imports.
Bank credit growth moderated to 18.5% in 2017, though loans to real estate and construction grew at over 30% annually, raising stability concerns.
The budget deficit widened to 2.7% of GDP in 2017 and is projected at 4.4% in 2018, driven by higher wages and public investment.
Rising minimum wages from USD $80 in 2013 to USD $170 in 2018, scheduled to reach USD $182 in 2019, pressured garment-sector competitiveness.
Heavy dependence on the EU market under the EBA scheme and the risk of suspension were flagged as key external vulnerabilities.
About AMRO Annual Consultation Report
The Annual Consultation Report series is produced by AMRO to monitor and evaluate the macroeconomic conditions of its ASEAN+3 member economies.
AMRO began producing country-level surveillance reports shortly after its establishment in 2011, and Cambodia has been covered regularly since then.
Each report is based on in-country consultation missions with government agencies, regulators and stakeholders, and provides independent assessments of economic developments, risks and policy challenges.
About AMRO
The ASEAN+3 Macroeconomic Research Office (AMRO) is an international organisation, headquartered in Singapore, established to support macroeconomic and financial resilience and stability in the ASEAN+3 region.
It operates as an independent research and surveillance unit, supporting the Chiang Mai Initiative Multilateralisation (CMIM), a regional liquidity and financial stability mechanism.
AMRO serves 14 member economies: the 10 ASEAN countries, plus China, Hong Kong (China), Japan and South Korea, and carries out several core functions, including macroeconomic surveillance, CMIM-related support, technical assistance, annual consultation reports, policy advice and operating as a regional knowledge hub.