{
  "title": "Cambodia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia",
  "publication": "IMF Staff Country Reports, January 27, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/01/27/cambodia-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-561261",
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  "summary": "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.",
  "sections": [
    {
      "heading": "Economic outlook and key projections",
      "content": "- Cambodia’s economy has continued to recover, albeit at a modest pace.\n- Real gross domestic product growth is projected at 5 3/4 percent in 2025, up from 5 1/2 percent in 2024.\n- Recovery is supported by the continued recovery in exports and tourism."
    },
    {
      "heading": "Financial sector developments and risks",
      "content": "- The sharp slowdown in credit growth has exposed the economy to increased financial sector vulnerabilities.\n- Monetary policy needs to resume normalization at a calibrated pace, with a focus on ensuring financial stability and supporting de-dollarization."
    },
    {
      "heading": "Fiscal and macro policy stance",
      "content": "- The neutral stance is appropriate in the near term.\n- A gradual and high-quality consolidation to build buffers is critical over the medium term."
    },
    {
      "heading": "Structural reforms and governance",
      "content": "- Structural reforms need to focus on diversifying growth drivers.\n- Strengthening governance frameworks to improve transparency is emphasized.\n- Enhancing institutional capacity to address data limitations will lend support to structural transformation."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Ensure policy formulation that secures a durable and inclusive recovery in the near term and achievement of development goals over the medium term.\n- Resume monetary policy normalization at a calibrated pace to balance financial stability and de-dollarization objectives.\n- Implement gradual, high-quality fiscal consolidation to build buffers over the medium term.\n- Advance structural reforms to diversify growth drivers and strengthen governance and data institutions to support structural transformation.\n\nSource: Cambodia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Cambodia\n\n---\n\n Content in this bundle\n\n- 1. Credit-to-GDP Gap Estimates\n  - 1. Credit-to-GDP Gap Estimates (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Credit-to-GDP Gap Estimates (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 27, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400299711.002",
    "Cambodia’s economy has continued to recover, albeit at a modest pace.",
    "Real gross domestic product growth is projected at 5 3/4 percent in 2025, up from 5 1/2 percent in 2024.",
    "Recovery is supported by the continued recovery in exports and tourism.",
    "The sharp slowdown in credit growth has exposed the economy to increased financial sector vulnerabilities.",
    "Monetary policy needs to resume normalization at a calibrated pace, with a focus on ensuring financial stability and supporting de-dollarization.",
    "The neutral stance is appropriate in the near term.",
    "A gradual and high-quality consolidation to build buffers is critical over the medium term.",
    "Structural reforms need to focus on diversifying growth drivers.",
    "Strengthening governance frameworks to improve transparency is emphasized.",
    "Enhancing institutional capacity to address data limitations will lend support to structural transformation.",
    "Ensure policy formulation that secures a durable and inclusive recovery in the near term and achievement of development goals over the medium term.",
    "Resume monetary policy normalization at a calibrated pace to balance financial stability and de-dollarization objectives.",
    "Implement gradual, high-quality fiscal consolidation to build buffers over the medium term.",
    "Advance structural reforms to diversify growth drivers and strengthen governance and data institutions to support structural transformation.",
    "**1. Credit-to-GDP Gap Estimates**"
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