AMRO Annual Consultation Report, Cambodia 2022
- Andrew Millar
- Aug 31
- 2 min read
AMRO
Report Description
21st December 2022 (PDF, 50 pages)
The ASEAN+3 Macroeconomic Research Office (AMRO) Cambodia Report 2022 provides an in-depth macroeconomic assessment of Cambodia’s economic performance, focusing on recovery trends, inflationary pressures, fiscal conditions, external vulnerabilities and structural reform needs.
Summary
The publication highlights Cambodia’s rebound in 2022, following pandemic-related disruptions, while examining risks from global inflation, trade dependencies and financial sector vulnerabilities. It also reviews fiscal and monetary measures, offering key recommendations for resilience and sustainable growth:
GDP growth rebounded to 5.0% in 2022, driven by the resumption of tourism and robust external demand.
Inflation peaked at 7.8% in mid-2022, with the annual average forecast at 5.3%, fuelled by energy and food prices.
The current account deficit remained high at 35.1% of GDP, or 21.9% excluding gold, reflecting strong imports and gold trade fluctuations.
Financial sector resilience is underpinned by ample liquidity, a credit-to-GDP ratio of 177%, and strong bank capital adequacy.
The fiscal deficit narrowed to 5.4% of GDP in 2022, supported by buoyant revenue and reduced pandemic stimulus.
External risks included global slowdown, US dollar appreciation and China’s downturn affecting FDI and tourism inflows.
Structural reforms highlighted the need for skilled labour, infrastructure improvements and policies to achieve carbon neutrality.
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.