AMRO Annual Consultation Report, Cambodia 2023
- Andrew Millar
- Aug 31
- 2 min read
AMRO
Report Description
21st December 2023 (PDF, 68 pages)
This comprehensive report from the ASEAN+3 Macroeconomic Research Office (AMRO) provides an in-depth macroeconomic assessment of Cambodia in 2023, highlighting growth performance, financial stability, fiscal challenges and policy priorities to support sustainable recovery.
Summary
The study analyses Cambodia’s economic recovery trends, external sector performance, and fiscal conditions in detail. It also highlights risks and vulnerabilities while recommending structural reforms to sustain long-term growth:
GDP growth is projected at 5.3% in 2023 and 6.2% in 2024, supported by tourism recovery and domestic consumption.
Headline inflation to decline to 2.6% in 2023 from 5.3% in 2022, driven by lower oil and food prices.
The current account balance turned into a 1.7% surplus of GDP in H1 2023 but is expected to register a 2.6% deficit in 2023.
Real estate sector weakness persists due to oversupply, slower sales and liquidity issues despite government support measures.
The Non-Performing Loan (NPL) ratio rose to 4.8% for banks in July 2023, but capital adequacy and liquidity buffers remain strong.
The fiscal deficit widened to 6.2% of GDP in 2023, reflecting expanded cash transfer programmes, wage rises and infrastructure spending.
Key policy priorities include rebuilding fiscal buffers, cautious monetary normalisation, strengthening financial supervision and advancing structural reforms under the Pentagonal Strategy.
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.