World Bank Report Description 3rd June 2024 (PDF, 60 pages) This edition of the World Bank ’s Cambodia Economic Update provides a detailed assessment of recent macroeconomic trends, policy challenges and opportunities for structural transformation, with a special focus on strengthening Cambodia’s education system. Summary The report highlights how Cambodia’s economy is showing signs of revival, supported by rising exports and gradual improvements in tourism. It also underscores risks from financial sector vulnerabilities and fiscal pressures, while offering targeted recommendations to sustain growth and resilience: Goods exports grew 17.2%  y/y in Q1 2024, reaching USD $6.3 billion, driven by garments, travel goods, footwear and agricultural commodities. ASEAN became Cambodia’s second-largest export market, accounting for 28% of total exports, up from 24.7% in 2023. Agricultural exports surged 28.1% y/y , reaching USD $1.1 billion , making Cambodia one of the top nine rice producers globally. FDI inflows accelerated by 149.8% , with USD $455 million approved in Q1 2024 under the Qualified Investment Project (QIP) scheme. The current account surplus hit 1.7% of GDP in 2023, supported by exports, tourism receipts and remittances. Domestic credit growth slowed sharply, dropping to 4.6% y/y in February 2024, the lowest in two decades, as property development cooled. GDP growth is projected at 5.8% in 2024, rising to 6.1% in 2025 and 6.4% in 2026, underpinned by diversified exports and infrastructure investment. About Cambodia Economic Update The Cambodia Economic Update is a biannual report produced by the World Bank since 2009. It tracks macroeconomic performance, sectoral trends and policy developments in Cambodia. Each edition provides forward-looking assessments of risks and opportunities for policymakers, investors, and development partners.   About the World Bank The World Bank is a leading international financial institution dedicated to reducing poverty and supporting sustainable development across the globe. In Cambodia, the World Bank has been a long-standing partner, providing policy advice, financing and analytical work to strengthen economic resilience, improve governance and support inclusive growth. worldbank.org

World Bank Report Description 1st December 2024 (PDF, 58 pages) The World Bank  has released its latest Cambodia Economic Update, December 2024 , providing a comprehensive analysis of Cambodia’s macroeconomic conditions, sectoral performance and financial stability outlook, while placing special emphasis on the structural and business barriers that continue to hinder labour productivity. Summary The report highlights Cambodia’s modest economic gains, showing recovery in exports and services alongside persistent weaknesses in the property sector and domestic credit. It also identifies critical reforms needed to improve productivity and resilience in the medium term: GDP growth is projected at 5.3% in 2024, rising to 5.5% in 2025 and 2026, supported by exports and tourism. Merchandise exports  expanded by 13.9% y/y , driven by garments, travel goods and footwear. International tourist arrivals reached 4.3 million , up 22.5% y/y , but average spending per tourist fell sharply. Approved FDI-financed projects  under the QIP scheme grew by 24.3% y/y , hitting US$1.12 billion in the first eight months of 2024. Inflation  dropped to a 15-year low of 0.3% y/y  in August 2024 due to easing food and oil prices. Non-Performing Loans (NPLs)  rose to 6.8% in the banking sector and 8.3% in microfinance, signalling rising financial stress. Structural reforms identified include reducing corruption, improving infrastructure and skills, and digitising business processes to boost labour productivity . About Cambodia Economic Update The Cambodia Economic Update is a biannual report produced by the World Bank since 2009. It tracks macroeconomic performance, sectoral trends and policy developments in Cambodia. Each edition provides forward-looking assessments of risks and opportunities for policymakers, investors, and development partners.   About the World Bank The World Bank is a leading international financial institution dedicated to reducing poverty and supporting sustainable development across the globe. In Cambodia, the World Bank has been a long-standing partner, providing policy advice, financing and analytical work to strengthen economic resilience, improve governance and support inclusive growth. worldbank.org

World Bank Report Description 20th June 2025 (PDF, 49 pages) The World Bank ’s Cambodia Economic Update, June 2025 edition, provides a timely and in-depth assessment of Cambodia’s macroeconomic developments, sectoral performance, and fiscal challenges, with a special focus on strengthening domestic revenues for future growth. Summary The report analyses Cambodia’s economic resilience in the face of global trade policy shifts and domestic vulnerabilities. It explores growth prospects, fiscal reforms and the implications for poverty reduction and investment opportunities: Real GDP growth  is projected at 4.0% in 2025, rising to 4.5% in 2026, reflecting slower manufacturing exports and global uncertainties. Goods exports  grew by 11.6% y/y  in Q1 2025, with garments, travel goods and footwear driving expansion, although agriculture exports contracted. International arrivals  rose by 16.1% y/y, bu t tourism numbers remain below 2019 levels, underscoring a gradual recovery in services exports. Domestic investment  slumped, with approved QIP projects falling 96.7% y/y , reducing domestic investment to just 2.1% of total. Non-Performing Loans (NPLs)  increased sharply, reaching 7.9%  in banking and 9.0%  in microfinance by end-2024, highlighting financial stability concerns. Public debt  stood at 25.9% of GDP in 2024, considered low, while the fiscal deficit narrowed to 2.7% of GDP in 2025. Revenue mobilisation reforms , including VAT and excise expansion, are critical to fund the government's Pentagonal Strategy and social spending priorities. About Cambodia Economic Update The Cambodia Economic Update is a biannual report produced by the World Bank since 2009. It tracks macroeconomic performance, sectoral trends and policy developments in Cambodia. Each edition provides forward-looking assessments of risks and opportunities for policymakers, investors, and development partners.   About the World Bank The World Bank is a leading international financial institution dedicated to reducing poverty and supporting sustainable development across the globe. In Cambodia, the World Bank has been a long-standing partner, providing policy advice, financing and analytical work to strengthen economic resilience, improve governance and support inclusive growth. worldbank.org

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. amro-asia.org

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. amro-asia.org

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. amro-asia.org

AMRO Report Description 22nd November 2021 (PDF, 46 pages) ASEAN+3 Macroeconomic Research Office (AMRO)  presents this investment guide, offering a comprehensive evaluation of Cambodia’s economic recovery path post-COVID-19, with a focus on vulnerabilities and policy recommendations to enhance resilience. Summary Cambodia’s economic recovery in 2021 was uneven and moderate, shaped by ongoing pandemic disruptions and the vulnerabilities of key sectors. The report highlights risks in tourism, services and finance, while stressing the importance of targeted fiscal and monetary support to strengthen resilience: The COVID-19 pandemic , heavily hitting tourism-reliant sectors, led to a moderate and uneven recovery in 2021. The services sector, particularly close contact services , remains highly exposed to renewed outbreaks. Risks arise from potential deterioration in credit quality  and asset-price inflation within the financial sector. Long-term recovery may be impaired by scarring effects on growth potential . Continued accommodative fiscal measures  are necessary while improving financial system supervision. Clear communication from the National Bank of Cambodia  is critical when unwinding extraordinary policy support. Accelerated structural reforms  are essential to enhance economic competitiveness  and resilience. 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. amro-asia.org

AMRO Report Description 29th January 2020 (PDF, 48 pages) This guide by the ASEAN+3 Macroeconomic Research Office (AMRO)  provides a comprehensive analysis of Cambodia’s macroeconomic performance and financial stability outlook. Summary The report highlights Cambodia’s rapid economic expansion in 2018–2019 while outlining risks linked to external demand, market concentration and domestic structural challenges. It also reviews the country’s fiscal consolidation, financial sector resilience and the potential impact of external shocks, concluding with targeted policy recommendations: Real GDP growth  reached 7.5% in 2018, driven by garment manufacturing, construction and domestic demand. Inflation remained low at 2.5% in 2018 and is projected to stay subdued in 2019–2020. The current account deficit  widened to 12.2% of GDP in 2018, but strong FDI inflows sustained a balance of payments surplus. The financial sector remained sound with capital adequacy ratios above regulatory minimums, although real estate credit  poses risks. The fiscal position improved, with domestic revenue at a record 21.4% of GDP in 2018 due to successful Revenue Mobilisation Strategy reforms. Key risks stem from reliance on the EU (EBA suspension) and China (FDI, debt and tourism). The government launched a 17-point strategy  in 2019 to strengthen competitiveness and diversify the economy. 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. amro-asia.org

AMRO Report Description 11th January 2019 (PDF, 46 pages) This guide provides an in-depth macroeconomic review of Cambodia’s economic performance and outlook in 2018, produced under ASEAN+3 Macroeconomic Research Office (AMRO)’s annual consultation process. Summary The report analyses growth momentum, fiscal policy, external competitiveness and financial stability, highlighting risks and policy challenges. It covers Cambodia’s real sector, banking system, fiscal developments and external balances, concluding with tailored recommendations for resilience and diversification: Cambodia’s economy grew by 7.0% in 2017, with projected acceleration to 7.2% in 2018, supported by exports, construction and tourism. Inflation averaged 2.9% in 2017 and was projected to fall to 2.6% in 2018, despite rising energy prices. Gross international reserves  reached USD $10 billion by end-2018, covering about 6 months of imports. Bank credit growth  moderated to 18.5% in 2017, though loans to real estate and construction grew at over 30% annually, raising stability concerns. The budget deficit widened to 2.7% of GDP in 2017 and is projected at 4.4% in 2018, driven by higher wages and public investment. Rising minimum wages from USD $80 in 2013 to USD $170 in 2018, scheduled to reach USD $182 in 2019, pressured garment-sector competitiveness. Heavy dependence on the EU market under the EBA scheme and the risk of suspension were flagged as key external vulnerabilities. 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. amro-asia.org

AMRO Report Description 5th August 2025 (PDF, 70 pages) This report from the ASEAN+3 Macroeconomic Research Office (AMRO) provides a comprehensive macroeconomic assessment of Cambodia’s current economic landscape, risks and policy directions. It analyses recent growth trends, financial sector developments, fiscal dynamics and structural challenges. Summary Prepared following AMRO’s Annual Consultation Mission in April 2025, the guide assesses growth prospects, vulnerabilities and resilience-building strategies. It highlights external pressures, financial stability issues and fiscal consolidation needs while offering policy recommendations: Economic growth  slowed to 5.2% in 2025 and is forecast at 4.7% in 2026, reflecting the impact of new US tariffs at 36%. The garment sector , accounting for one-third of GDP , faces the sharpest decline, with growth halved compared to 2024. Inflation volatility  persists, largely driven by imported food prices; headline CPI is expected to reach 2.5% in 2025 before moderating to 2.3% in 2026. The current account balance  is shifting from a 0.5% of GDP surplus in 2024 to a projected 5.4% deficit by 2026. Non-performing loans (NPLs)  rose to 7.8% in March 2025, raising risks for bank profitability and capital adequacy. Public debt  is projected to rise to 29.1% of GDP by 2029, underlining the need for gradual fiscal consolidation and improved revenue mobilisation. Structural challenges include LDC graduation in 2029 , loss of trade preferences, climate change and the need for stronger policy coordination. 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. amro-asia.org

KPMG Cambodia Report Description PDF, 60 pages The 2025 edition of KPMG Cambodia’s  annual investment guide provides an in-depth overview of Cambodia’s investment climate, regulatory framework and key tax considerations, outlining opportunities and challenges for both domestic and foreign investors. Summary This comprehensive publication covers economic indicators, business registration procedures, compliance requirements and sector-specific insights. It highlights tax regulations, incentives and practical considerations for enterprises seeking to operate successfully in the Kingdom: Cambodia’s GDP is forecast to grow by 5.7% in 2025 , supported by trade agreements such as RCEP, and FTAs with China and South Korea. The country maintains one of Asia’s lowest labour costs, with a minimum wage of US$208/month  in 2025, while sustaining competitiveness through investment-friendly policies. Foreign investors can access long-term leases of up to 50+50 years but are restricted from direct land ownership. The Cambodia Securities Exchange (CSX)  lists 11 companies and offers tax incentives, including up to a 50% reduction in tax on income, and capital gains tax exemptions for three years. Qualified Investment Projects (QIPs)  benefit from tailored incentives based on sector classification, with high-priority sectors enjoying greater benefits. Comprehensive tax reforms  under the 2023 Law on Taxation provide clarity on corporate income tax, VAT and withholding tax obligations. Businesses must comply with labour and social security regulations , including registration with the National Social Security Fund (NSSF) and annual commercial declarations. About Investing in Cambodia 2025 and Beyond The Investing in Cambodia  series by KPMG Cambodia  is an annual publication designed to provide investors with an authoritative resource on the country’s business environment. It combines macroeconomic insights, sectoral analysis and practical guidance on setting up and managing businesses, with up-to-date regulatory and tax information.   KPMG Cambodia KPMG Cambodia  is one of the largest professional services firms in Cambodia, established in 1994 and employing over 350 professionals. As part of the global KPMG  network operating in 142 countries, it provides audit, tax and advisory services to a diverse range of clients. The firm is recognised for its local expertise combined with global resources, delivering high-quality insights and solutions to help clients navigate complex business challenges.

AMRO Report Description 11th December 2017 (PDF, 36 pages) This publication by the ASEAN+3 Macroeconomic Research Office (AMRO) offers a comprehensive review of Cambodia’s 2017 macroeconomic landscape, examining growth patterns, emerging risks, sectoral developments and key policy recommendations for sustaining stability and resilience. Summary The report evaluates Cambodia’s real sector performance, external position, and fiscal and financial sector developments, as well as key vulnerabilities. It also offers forward-looking projections and outlines fiscal and monetary policy recommendations to ensure stability and growth: GDP growth is forecast at 6.9% in 2017 and 6.8% in 2018, supported by tourism and construction. The garment sector slowdown is  offset by strong construction and a rebound in agriculture and tourism. The current account deficit  narrowed from 9.4% of GDP (2015) to 8.9% (2016), with further improvement expected. Inflation is projected at 3.3% in 2017 and 3.5% in 2018, driven by oil prices and food costs. Credit growth  slowed from 37.3% (2015) to 13.1% (2016), while NPL ratios rose modestly. Tax revenue  increased by 12.5% in 2016, reflecting strengthened administration under the Revenue Mobilisation Strategy. Main downside risks include wage-driven competitiveness pressures , potential loss of preferential trade access and vulnerabilities in the financial sector. 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. amro-asia.org