AMRO Annual Consultation Report, Cambodia 2024
- Andrew Millar
- Aug 31
- 2 min read
AMRO
Report Description
5th September 2024 (PDF, 74 pages)
In its latest country assessment, ASEAN+3 Macroeconomic Research Office (AMRO) presents a detailed review of Cambodia’s economic trajectory in 2024, examining structural shifts, external headwinds, and policy responses. The report outlines how growth, inflation, financial stability and fiscal trends are shaping long-term competitiveness.
Summary
The publication evaluates Cambodia’s economic momentum with particular attention to sectoral shifts, external vulnerabilities and financial sector risks. It also provides detailed macroeconomic projections, identifies potential risks and outlines fiscal, monetary and structural policy reforms for future stability and growth:
GDP growth slowed to 5.0% in 2023, with forecasts of 5.6% in 2024 and 5.9% in 2025, driven by garments, tourism and non-garment manufacturing.
Inflation declined sharply to an average of 2.1% in 2023, after peaking at 7.8% in mid-2022, influenced by global food and oil prices.
The real estate sector remained weak, with 72,000 unsold condominium units and oversupply in landed housing, despite government tax incentives.
Current account turned into a surplus of 1.3% of GDP in 2023, supported by reduced imports and a strong rebound in services and tourism.
The financial sector saw credit growth fall to 4.2% in late 2023, while non-performing loans rose to 6.2% for banks and 7.4% for MFIs in early 2024.
The fiscal deficit widened to 4.6% of GDP in 2023, though it is expected to narrow gradually; public debt is projected to rise moderately to 30.2% of GDP by 2028.
Key risks include slower growth in China, the US and Europe, global commodity price shocks and weak real estate.
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.