Cambodia 2024 Article IV Consultation Report
- Andrew Millar
- Aug 31
- 2 min read
Updated: 23 hours ago
International Monetary Fund
Report Description
27th January 2025 (PDF, 107 pages)
This latest International Monetary Fund (IMF) report provides a detailed assessment of Cambodia’s macroeconomic conditions, policy challenges and structural reform needs, highlighting opportunities and risks as the country advances towards its graduation from LDC (Least Developed Country) status.
Summary
The document examines Cambodia’s ongoing economic recovery, which remains uneven across sectors, and outlines policy recommendations for sustaining growth. It focuses on fiscal frameworks, monetary stability, financial sector risks and structural reforms essential for resilience and competitiveness:
GDP growth is projected at 5.5% in 2024 and 5.8% in 2025, supported by garment and agricultural exports.
Inflation is expected to rise from 0.5% in 2024 to 2.0% in 2025, remaining well-contained.
The fiscal deficit is narrowing to 2.4% of GDP in 2025, with public debt staying below 30% of GDP over the next decade.
Construction and real estate sectors face correction, with rising NPLs (Non-Performing Loans) and weakening FDI inflows.
Executive directors call for rationalising tax exemptions, strengthening fiscal rules and mobilising domestic revenues.
Structural reforms prioritise human capital investment, business environment improvements, and low-cost renewable energy to attract diversified FDI.
Governance reforms to improve transparency, enhance AML/CFT frameworks and strengthen institutions remain critical.
About Article IV Consultation Reports
The IMF’s Article IV Consultation Reports are produced annually for each member country, providing a comprehensive analysis of macroeconomic developments, policy frameworks and long-term challenges.
For Cambodia, the series offers critical guidance on economic stability, resilience and reform, serving as a benchmark for both domestic policymakers and international investors.
About the IMF
The International Monetary Fund (IMF) is a global organisation with 190 member countries, established to promote international monetary cooperation, secure financial stability, facilitate international trade and reduce poverty.
It provides surveillance, policy advice, financial assistance and technical support.
The IMF’s annual country consultations help ensure transparent assessments of national economic performance within the global financial system.