The Asean+3 Macroeconomic Research Office (AMRO), estimates that Cambodia’s economy will grow by 7.2 percent this year, a figure slightly higher than forecasts made by international organisation and the country’s central bank.
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AMRO, a regional macroeconomic surveillance organisation, released its report on the Cambodian economy after an eight-day fact-finding mission to the Kingdom that concluded on Tuesday.
The organisation acts as a policy advisor to countries in the ASEAN+3 region, which includes the 10 Asean member states, China, Japan and Korea.
Economic expansion in 2018 will be backed by solid growth in the construction sector, a thriving tourism market and a strong performance of the garment manufacturing industry.
AMRO says that international reserves will reach $10 billion by the end of the year, which it is sufficient to guarantee that the country can import the necessary goods and services in the next six months.
During a meeting with Chea Chanto, the governor of the National Bank of Cambodia, on Tuesday, AMRO’s director Junhong Chang said that political stability is the foundation to socioeconomic development and sustainable economic growth.
“To maintain this growth, we recommended that the government accelerates structural reforms and prioritises financial stability, increasing tax collection to boost growth and strengthen competitiveness,” Ms Chang said.
NBC’s Chea Chanto asked AMRO to continue to assist the central bank in training employees. Mr Chanto also requested AMRO to take employees from the Cambodian central bank as interns so that they can gain international experience.
In a mid-year report published recently, NBC placed the country’s real economic growth at 7 percent this year, a forecast in line with that of the Asian Development Bank and the International Monetary Fund.