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1、NavigatingUncertaintySPECIAL FOCUSStrengthening Revenues for Cambodias FutureCambodia Economic UpdateJune 2025Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedCAMBODIA ECONOMIC UPDATEJune 2025NAVIGATING UNCERTAINTYSPECIAL FOCUSStrengthen

2、ing Revenues for Cambodias FutureiiCambodia Economic Update June 2025TABLE OF CONTENTSACKNOWLEDGMENTS.VABBREVIATIONS .VIEXECUTIVE SUMMARY .1PART 1.RECENT ECONOMIC DEVELOPMENTS AND OUTLOOK.5Recent developments.6A more challenging global environment.6Economic activity remained relatively robust but un

3、even.6Goods exports moderated with global trade policy shifts posing additional headwinds .7Foreign tourist spending increased,but remained below 2019 levels.8Despite strong job growth in manufacturing,overall job creation remained subdued.9Approved FDI rose,while domestic investment sharply slowed.

4、11Agricultural exports were mixed,despite rising rice production.12Improved consumer confidence boosted consumption.12Inflation picked up,driven by higher food prices.13As imports rebounded,the current account deficit widened.13The riel appreciated slightly,while interest rates softened.13Money supp

5、ly expanded,while credit growth remained subdued.14Fiscal consolidation has commenced .15Public debt stock reached 25.9 percent of GDP by end-2024.17PART 2.STRENGTHENING REVENUES FOR CAMBODIAS FUTURE.201.INTRODUCTION.212.REVENUE CONTEXT.213.IMPACT OF THE COST OF TAX COMPLIANCE ON THE BUSINESS CLIMAT

6、E.284.EQUITY.315.POLICY RECOMMENDATIONS.32ANNEX.CAMBODIA SELECTED INDICATORS.37BIBLIOGRAPHY.39iiiCambodia Economic Update June 2025FIGURESFIGURE ES.1.CAMBODIAS RECENT DEVELOPMENTS AT A GLANCE.4Figure 1.Global PMI:New export orders.6Figure 2.Goods trade growth.6Figure 3.Economic activity moderated.7F