AMRO Annual Consultation Report, Cambodia 2019
- Andrew Millar
- Aug 31
- 2 min read
AMRO
Report Description
29th January 2020 (PDF, 48 pages)
This guide by the ASEAN+3 Macroeconomic Research Office (AMRO) provides a comprehensive analysis of Cambodia’s macroeconomic performance and financial stability outlook.
Summary
The report highlights Cambodia’s rapid economic expansion in 2018–2019 while outlining risks linked to external demand, market concentration and domestic structural challenges.
It also reviews the country’s fiscal consolidation, financial sector resilience and the potential impact of external shocks, concluding with targeted policy recommendations:
Real GDP growth reached 7.5% in 2018, driven by garment manufacturing, construction and domestic demand.
Inflation remained low at 2.5% in 2018 and is projected to stay subdued in 2019–2020.
The current account deficit widened to 12.2% of GDP in 2018, but strong FDI inflows sustained a balance of payments surplus.
The financial sector remained sound with capital adequacy ratios above regulatory minimums, although real estate credit poses risks.
The fiscal position improved, with domestic revenue at a record 21.4% of GDP in 2018 due to successful Revenue Mobilisation Strategy reforms.
Key risks stem from reliance on the EU (EBA suspension) and China (FDI, debt and tourism).
The government launched a 17-point strategy in 2019 to strengthen competitiveness and diversify the economy.
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.