Cambodia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia

International Monetary Fund

No 2025/022, IMF Staff Country Reports from International Monetary Fund

Abstract: The 2024 Article IV Consultation highlights that Cambodia’s economy has continued to recover, albeit at a modest pace. The sharp slowdown in credit growth has exposed the economy to increased financial sector vulnerabilities. Policy formulation must ensure a durable and inclusive recovery in the near term and achieving development goals over the medium term. Real gross domestic product growth is projected at 5 3/4 percent in 2025, up from 5 1/2 percent in 2024, supported by the continued recovery in exports and tourism. The neutral stance is appropriate in the near term, while a gradual and high-quality consolidation to build buffers is critical over the medium term. Monetary policy needs to resume normalization at a calibrated pace, with a focus on ensuring financial stability and supporting de-dollarization. Structural reforms need to focus on diversifying growth drivers. Strengthening governance frameworks to improve transparency and enhancing the institutional capacity to address data limitations will lend support to structural transformation.

Keywords: IMF-World Bank FSAP mission; introduced Medium Term Fiscal Framework; authorities' plan; broad money; credit supply; IMF's article; Financial sector stability; Government finance statistics; Global; Middle East (search for similar items in EconPapers)
Pages: 107
Date: 2025-01-27
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