世界银行-2026 年 6 月柬埔寨经济更新报告：应对多重冲击 Cambodia Economic Update,June 2026 Navigating Shocks

DisclosureAuthorized

CambodiaEconomicUpdate

PublicDisclosureAuthorizedPublicDisclosureAuthorizedPublicDisclosureAuthorizedPublic

June2026

NavigatingShocks

SPECIALFOCUS

ForeverYoung?

Cambodia’sDemographicTransitionandtheRoadtoVision2050

CAMBODIAECONOMICUPDATE

June2026

NavigatingShocks

SPECIALFOCUS

ForeverYoung?

Cambodia’sDemographicTransition

andtheRoadtoVision2050

THEWORLDBANK

IBRD.lDAIWORLDBANKGROUP

EastAsia&pacific

ivCambodiaEconomicUpdateJune2026

TABLEOFCONTENTS

ACKNOWLEDGMENTS VIII

ABBREVIATIONS IX

EXECUTIVESUMMARY X

Recentdevelopments x

OutlookandRisks

xi

Policyoptions xi

PART1:RECENTECONOMICDEVELOPMENTSANDOUTLOOK 1

I.RECENTECONOMICDEVELOPMENTS 2

GeopoliticalShocksandDomesticDemandPressures 2

PrivateConsumptionUnderPressure 2

LaborMarketShowsResilienceinAbsorbingReturnees 4

FDIRobust,DomesticInvestmentSluggish 4

MixedExternalPerformanceWidensCurrentAccountDeficit 7

FinancialSectorPressures 10

FiscalConsolidationandPublicDebt 12

II.OUTLOOK,RISKS,ANDPOLICYOPTIONS 12

Outlookandrisks 12

Policyoptions 12

PART2:SPECIALFOCUSSECTION:FOREVERYOUNG?CAMBODIA’SDEMOGRAPHIC

TRANSITIONANDTHEROADTOVISION2050 16

I.INTRODUCTION 17

II.CAMBODIA’SPLACEINTHEDEMOGRAPHICTRANSITION 17

ExtentandPaceofCambodia’sDemographicTransition 17

CompressedWindowandRisingBurdenonWorkers 19

III.THECURRENTSTATEOFTHEDEMOGRAPHICDIVIDEND 19

ADividendCapturedbutFading 19

ClosingtheHumanCapitalGap 22

CambodiaEconomicUpdateJune2026v

IV.NEWLEVERSFORJOBSANDGROWTHTOHARNESSTHEREMAINING

DIVIDEND 23

CareEconomy 23

ChildcareandEldercare 24

REGIONALINTEGRATION:PEOPLEANDGOODS 26

UpgradingLaborMobility 26

DiversifyingTrade 27

V.POLICYIMPLICATIONS 28

Pillar1:InvestinginPeopletoMaximizeReturnsfromCambodia’sDemographicDividend

(FoundationalReforms) 30

Pillar2:TurningDemographicAsymmetryintoEconomicOpportunity(NewOpportunity

Reforms) 32

ANNEXA.ANANALYSISOFOILPRICESHOCKS 35

ANNEXB.CAMBODIA–SELECTEDINDICATORS 37

BIBLIOGRAPHY 39

viCambodiaEconomicUpdateJune2026

BOXES

Box1.Whobearstheburden?Fuelpriceshocksandhouseholdwelfare 3

Box2.Recentlabormarketdevelopments 6

Box3.RecentinstitutionalandstructuralreformsundertakenbyVietNam 9

BoxS.1.Cambodia’spopulationinnumbers,2024–2050 17

FIGURES

Figure1.ConflictintheMiddleEastanditsimpactsontheeconomy 2

FigureB.1.1.Fuelasashareofhouseholdconsumption

FigureB.1.2a.Welfareloss(%ofconsumption)froma60%fuelpriceincrease

FigureB.1.2b.Welfareloss(%ofconsumption)froma10%fuelpriceincrease

FigureB.1.3a.Povertyimpact:Changeinpovertyrate

FigureB.1.3b.Povertyimpact:Changeinnumberofpoorpeople

FigureB.1.4.Costburdenonfarmers(%ofcropproductioncosts)

Figure2.Domesticdemand 5

PanelA:Realgrowthhitbyoilpriceshocks

PanelB:Worstoilshocksince2008

PanelC:Foodpricescompoundthepressure

PanelD:Workers’remittanceswerehithard

PanelE:Migrantsdeclinedby70percent

PanelF:Domesticcreditflowsshrank

PanelG:Formaljobsroseby400,000

PanelH:QIPreflectedrisingskilledjobs

Figure3.Investmentandexternalaccounts 8

PanelA:FDIexpansiondrivenbymanufacturing

PanelB:DomesticinvestmenttrailedFDI

PanelC:CambodialaggedpeersonLPI

PanelD:VisitorsandAngkorrevenueseased

PanelE:Goodsexportsremainedresilient

PanelF:TheU.S.marketisbyfarthelargest

PanelG:Thecurrentaccountdeficitwidened

Figure4.Monetaryaggregatesandfiscalaccounts 11

PanelA:Broadmoney(M2)growtheased

PanelB:Realestateandtradecreditshrunk

PanelC:Interestratesdeclined

PanelD:Firstsurplussincepandemic2025

PanelE:Risingtaxesongoodsandservices

PanelF:Loansanddisbursementsdeclined

FigureS.1.WhileCambodialagsitspeersinthedemographictransitionprocess,thegapisclosing,andclosing

quickly 18

PanelA:TotalFertilityRatevs.LifeExpectancy(2024)|CambodiaandPeers

PanelB:GaininLifeExpectancy

PanelC:ChangeinTFR

CambodiaEconomicUpdateJune2026vii

FigureS.2.Cambodiafacesanarrowremainingdemographicdividendwindow—andrisksarrivingatitspeak

working-agepopulationsharewithlessincomethanregionalandhigh-incomepeers 20

PanelA:Cambodia’sworking-agepopulationshare(2000-2060)

PanelB:Workers(15-64)perelderlyperson(65+)(2000-2060)

PanelC:PanelC:GDPpercapitaatpeakWAPshare(ratio)

FigureS.3.Cambodiawasabletotakeadvantageofafavorabledemographictransitionsince2000,butthat

courseseemstoberunningoutinrecentyears 21

FigureS.4.Cambodia’shumancapitaldeficitthreatensitsabilitytoconverttheremainingdividendwindow

intosustainedproductivitygrowth 22

PanelA:HCI+

PanelB:HCI+Components

FigureS.5.Illustrationofcarethroughoutlifecycle,estimatedshareofhouseholdswithoutintergenerational

support,andestimatesforpotentialjobcreationinchildcareandeldercareinCambodiaby2030 24

FigureS.6.AgingisalreadyarrivinginCambodia’sruralandhighoutmigrationcommunities 25

FigureS.7.AginginCambodiacomparedtohigher-incomeEAPcountries(upto2050)andCambodia’s

currentmigrantdestinations,2020 27

PanelA:Oldagedependencyratios

PanelB:Cambodiaemigrationdestination

FigureS8.Similartolabormigration,Cambodia’sexportsarelargelyconcentratedinonedestinationandone

product(GTF)thatcouldbenefitfromdiversification 28

PanelA:Exportpartnersasashareoftotalexports,2000-2023

PanelB:GTFandElectronicsshareofexports(2000-2024),CambodiaandVietnam

FigureS.9.LevelofspendinginCambodiacomparedtopeers,bytype(%ofGDP) 31

TABLES

TableES1.Macrooutlook ix

TableES2.Prioritypolicyoptions x

TableB.2.1.Formalsectorjobs 6

TableB.2.2.Statusofmigrantworkers 6

TableB.3.1.InstitutionalandstructuralreformsinVietNam 9

Table1.Cambodia:Selectedmacroeconomicindicators,2021-28 13

Table2.Detailedpolicyoptions 14

TableS.1.StrengthsandweaknessesinCambodia’sperformanceacrosshumancapitalpillars 22

TableS.2.PolicyideasforCambodia’sdemographictrajectory,bypillarandresponsibleinstitution 29

TableA.1.Summaryfindings 36

viiiCambodiaEconomicUpdateJune2026

ACKNOWLEDGMENTS

TheJune2026CambodiaEconomicUpdate(CEU)waspreparedbySodethLyandSamikAdhikari,withcontributionsfromTehminaS.Khan,FayavarHayati,LudovicBequet,IoanaBotea,DanielHalim,NadiaEsham,KimsunTong,SovannroeunSamreth,Thu-HaThiNguyen,TimL.deVann,SarahElizabethHaddock,ChendaSemandVickyTsang.SinaOumprovidedadministrativesupport.SaroeunBouhelpedwiththepressrelease,webdisplay,anddisseminationevents.

TheteamworkedundertheoverallguidanceofMarcoHernandezandCamillaHolmemo.TheteamisgratefulfortheadviceandcommentsprovidedbyLalitaM.Moorty,MariamSherman,andTaniaMeyer.Severalcolleagues,includingAadityaMattoo,ErgysIslamaj,DaisukeFukuzawa,AidenBenedictGlendinning,andNganHongNguyenprovidedcommentsonthedraftversion.

TheteamisgratefultotheCambodianauthorities,particularlytheMinistryofEconomyandFinanceandtheNationalBankofCambodia,fortheircooperationandsupport.Theupdatealsobenefitedfromtheadvice,comments,andviewsofvariousstakeholdersinCambodia,includingitsenthusiasticreadersandcritics.

TheCEU,producedbiannually,providesup-to-dateinformationonmacroeconomicdevelopmentsinCambodia.Itisdistributedanddiscussedwidely,includingamongCambodianauthorities,developmentpartners,theprivatesector,thinktanks,civilsocietyorganizations,andacademia.

ForinformationabouttheWorldBankanditsactivitiesinCambodia,pleasevisitourwebsiteat

/cambodia

.

TobeincludedintheemaildistributionlistoftheCEUandrelatedpublications,pleasecontactSinaOum(

soum1@

).Forquestionsonthecontentsofthispublication,pleasecontactSaroeunBou(

sbou@

).

Thefindings,interpretations,andconclusionsexpressedinthisreportdonotnecessarilyreflecttheviewsoftheExecutiveDirectorsoftheWorldBankorthegovernmentstheyrepresent.TheWorldBankdoesnotguaranteetheaccuracyofthedataincludedinthiswork.Theboundaries,colors,denominations,andotherinformationshownonanymapinthisworkdonotimplyanyjudgmentonthepartoftheWorldBankconcerningthelegalstatusofanyterritoryortheendorsementoracceptanceofsuchboundaries.

CambodiaEconomicUpdateJune2026ix

ABBREVIATIONS

ASEANAssociationofSoutheastAsianNations

CBCCcommunity-basedchildcarecenter

CEUCambodiaEconomicUpdate

COVID-19coronavirusdisease2019

CRAconstruction,realestate,andaccommodation

CSESCambodiaSocio-EconomicSurvey

DTIdeposit-takinginstitution

EAPEastAsiaandPacific

ECEearlychildhoodeducation

EUEuropeanUnion

FDIforeigndirectinvestment

GDPgrossdomesticproduct

GIRGrossInternationalReserves

GNIgrossnationalincome

GSPsGlobalSkillPartnerships

GTFgarments,travelgoods,andfootwear

HCIHumanCapitalIndex

HCI+HumanCapitalIndexPlus

H-EQIPIIHealthEquityandQualityImprovementProjectPhase2

HIChigh-incomecountry

ICTinformationandcommunicationstechnology

ILOInternationalLabourOrganization

IMFInternationalMonetaryFund

LMIClowermiddle-incomecountry

NCDnoncommunicabledisease

NMAPNationalMulti-SectoralActionPlanforNCDPreventionandControl

NPLnonperformingloan

pptpercentagepoint

QIPQualifiedInvestmentProject

RCEPRegionalComprehensiveEconomicPartnership

STEMScience,Technology,Engineering,andMathematics

TFRtotalfertilityrate

TVETTechnicalandVocationalEducationandTraining

UMICuppermiddle-incomecountry

UNESCOUnitedNationsEducational,ScientificandCulturalOrganization

U.S.UnitedStates

US$UnitedStatesdollar

VATvalue-addedtax

WAPworking-agepopulation

y/yyear-on-year

xCambodiaEconomicUpdateJune2026

EXECUTIVESUMMARY

Cambodiaisfacingnear-termmacroeconomicshocksthatunmaskdeeperstructuralvulnerabilities.Acombinationofhigherfuelprices,fallingremittancesfollowingthereturnofnearlyonemillionmigrantworkers,andweakdomesticcredit—stifledbyaconstructiondownturnandalackofbankableprojects—isconstraininggrowthtoaprojected3.9percentin2026,erodingrealincomes,andthreateningtopushoveronemillionpeopleintopoverty.Resilientforeigndirectinvestmentinflowsandadequateinternationalreservesprovidenear-termbuffers,thoughtheycannotsubstituteforreformsrequiredtounlocklong-termgrowthpotential.Addingtothisurgency,Cambodia’sworking-agepopulationshareisprojectedtopeakaround2043,leavingbarely17yearstoconvertitsremainingdemographicdividendintohigherproductivityandbetterjobs.Thepolicychallengeisthereforetwofold:cushionvulnerablehouseholdsandpreservemacro-financialstabilitynow,whileacceleratingthehuman-capital,care-economy,trade,andlabor-mobilityreformsneededtosecureCambodia’spathtohigh-incomestatusbeforeitsdemographicwindowcloses.Part2ofthisreport—“ForeverYoung?Cambodia’sDemographicTransitionandtheRoadtoVision2050”—laysoutthepolicyoptionsforCambodiatoturnitsyouthpremiumintolastingprosperity.

Recentdevelopments

Cambodiaisfacingamacroeconomicstresstestinwhichresilienceanchorsremainintact,butdomesticdemandisweakeningamidsimultaneouspressurefromrisingfuelprices,decliningremittances,andconstrainedcredit.Higherenergy,food,fertilizer,andlogisticscostsareerodinghouseholdpurchasingpowerandfirmmargins,whilethereturnofnearlyonemillionmigrantworkersfromThailandinmid-2025hassharplyreducedremittanceincome;annualizedremittancesfelltojust3.6percentofGDPin2025,fromthe6percentaveragerecordedbetween2019and2024.Theshockisregressive:simulationsindicatethata60percentfuelpriceincreasecouldlowerhouseholdconsumptionbyabout8percentonaverage,raisethepovertyrateby6.2percentagepoints,andpushsome1.1millionpeopleintopoverty,withabout80percentofwelfarelossestransmittedindirectlythroughhigherpricesofgoodsandservices.

Privateconsumptionisweakeningunderthecombinedweightofhighinflation,shrinkingremittances,andtighteningcredit.Headlineinflationroseto5.6percentyear-on-yearinMarch2026and5.8percentinApril,ledbyfoodandtransport,aftergasolinepricesincreased45percentanddieselover70percentinMarch—thelargestsingle-monthchangesince2008.WhileenergypriceseasedslightlybylateMay,theyremained36percentand35percentabovepre-conflictlevelsfordieselandgasoline,respectively—athresholdlikelytopersistastheMiddleEastconflictcontinues.Compoundingthissqueezeonpurchasingpower,quarterlyremittanceinflowsfellsharplyfromahistoricalaverageof1.3–1.7percentofGDPto0.5percentbythefourthquarterof2025.Meanwhile,creditconditionshavetighteneddefactodespiteanaccommodativepolicystance.ByFebruary2026,domesticcreditandbroadmoney(M2)growthhadeasedto5.6percentand9.8percentyear-on-year(y/y),respectively—reflectingslowingdepositaccumulation,subdueddemand,andthelimitsofmonetarytransmissioninahighlydollarizedeconomy.

Thelabormarkethasabsorbedmanyreturnees,butthequalityandsustainabilityofthosejobswilldeterminewhetherthisshockbecomesademographicopportunityorasourceoflastingvulnerability.In2025,theeconomyaddedroughly800,000jobs—including401,000intheformalsector—whileproactivereintegrationefforts,suchascompetency-basedassessmentsanddirectfactoryreferrals,helpedplaceapproximately620,000returneesinemployment.Nevertheless,about230,000returneesremainunemployed.Asignificantstructuralmismatchpersistsbetweenthereturneeprofiles—typicallyolder,male,andrural—andlabordemand,whichremainsconcentratedinyounger,female-intensivemanufacturingnearPhnomPenh.Addressingthisgapwillrequirecoordinatedskillsrecognition,targetedtraining,andshort-termemploymentprograms,particularlyinhigh-povertyandreturnee-concentratedareas.

Foreigndirectinvestment(FDI)remainsCambodia’smainresilienceanchor,butthewideninggapwithdomesticfirmsrevealsastructuralcompetitivenessproblem.FDIreachedUS$5.1billion(10.1percentofGDP)in2025,a15percenty/yincrease,rotatingbeyondgarmentmanufacturingintotravelgoods,footwear,electronics,appliances,vehicletires,andrenewable

CambodiaEconomicUpdateJune2026xi

energy.Domesticinvestmentremainssluggish,however,reflectinghighlogisticsandenergycosts,limitedscale,weaksupplierlinkages,andabusinessenvironmentthatstilldisadvantagesdomesticfirmsrelativetoimportsandlargerforeigninvestors.Thecurrentshockshavewidenedthisdual-economygap,notcreatedit.

Cambodia’sexternalsectorisresilientingoodsexports,yetitfacesvulnerabilitiesfromsubduedtourism,risingimportcosts,andpersistentmarketconcentration.Goodsexportsexcludinggoldgrew17.7percenty/yinthefirstquarterof2026;however,thecontributionofgarments,travelgoods,andfootwear(GTF)hasslowed,reflectingtheunwindingofearlierfrontloading.Marketconcentrationremainshigh,withtheUnitedStatesabsorbingover40percentoftotalexports.Ontheservicesside,Angkorrevenuedeclined30percenty/yinthefirstquarter,whileimportgrowthreached23.3percent,drivenbyhigherfuelcostsandstrongerdemandforintermediateinputs.Consequently,thecurrentaccountdeficitisprojectedtowidento5.2percentofGDPin2026,thoughitremainsfullyfinancedbyrobustFDIinflows.

Macroeconomicbuffersprovideroomtorespond.GrossinternationalreservesstoodatUS$29billionbyFebruary2026(abouteightmonthsofimports)standingreadytocushionterms-of-tradeshocksandpressuresontheexchangerate,and2025closedwiththefirstpost-pandemicfiscalsurplusof0.6percentofGDPpartlyhelpingtorestorefiscalbuffers.Publicdebtremainsmanageableataround26percentofGDP,butfiscalspaceisnotunlimited:itwouldneedtobepreservedfortargetedhouseholdsupport,productivejobs,andhuman-capitalinvestmentratherthanopen-endedpricesubsidies.Non-performingloansroseto8.9percentin2025amidproperty-sectorstress,underscoringtheneedfortransparentrecognitionofloanstress,time-boundsupervisoryfollow-up,andfasterdistressed-assetresolution,alongwithvigilanceandpreparedness.

OutlookandRisks

Growthisprojectedtoslowto3.9percentin2026,beforerecoveringasFDI-ledmanufacturingcapacitycomesonstream.Underthebaseline,growthrisesto4.9percentin2027and5.1percentin2028,withinflationaveraging3.1percentin2026beforeeasing,thecurrentaccountdeficitnarrowinggradually,andthefiscaldeficitremainingcontained(TableES1).Thebaseline

assumesenergypricepressuresstabilizing,tourismgraduallyrecovering,theremittanceshockeasingasreturneesareabsorbed,andrecentFDIcommitmentstranslatingintoproductivemanufacturingcapacity.

Thedownsideriskstothebaselinearesubstantial,underscoringtheneedforproactivepolicytopreventtemporaryshocksfrominflictinglastingscarringonjobs,confidence,andproductivity.Externally,aprolongedMiddleEastconflictcouldsustainelevatedenergyprices,exacerbatingfoodandlogisticscosts,whileglobaltrade-policyuncertainty—particularlytheimpendingJulyexpirationofthe10percentU.S.tariffrate—couldweighheavilyonexportdemand.Domestically,renewedbordertensionscoulddisrupttradeflowsandinvestorsentiment,whiletheongoingreal-estatedownturncouldcontinuetotestfinancialsectorassetquality.

TableES1.Macrooutlook

(percentofGDPunlessotherwiseindicated)

Changefrom

ProjectionsDecember2025

2026

2027

2028

2026

2027

Realgrowth(percent)

3.9

4.9

5.1

-0.4

-0.2

CPI(period

average,

3.1

2.7

2.5

0.1

-0.4

percent)

Current

accounts

-5.2

-5.0

-4.7

-1.5

-1.4

Overallfiscaldeficit

-1.3

-1.8

-2.5

1.3

0.3

Publicdebt

26.1

26.2

25.9

-0.7

-0.8

Source:CambodianauthoritiesandWorldBankstaffestimatesandprojection.

Policyoptions

Atargeted,temporary,jobs-focusedresponsethatpreservesfiscaldisciplinewouldallowCambodiatoprotecthouseholdsandjobsnowwithoutcompromisingthepublicinvestmentsneededforlong-termgrowth.Theimmediatepriorityistoshieldvulnerablehouseholds,sustaindomesticdemand,keepproductivefirmsoperating,andpreventfinancialstressfromamplifyingthedownturnwhilepreservingfiscalspaceforeducation,

xiiCambodiaEconomicUpdateJune2026

health,skills,andadaptivesocialprotectionbeforeCambodia’sdemographicwindowcloses.Thegovernmenthasalreadymovedonseveralfronts,includingatemporaryelectricitytarifffreezes,dutyreductions,livelihoodgrantsundertheNationalSocialAssistanceFund,andproactivereintegrationsupportforreturnedmigrants.Buildingonthisplatform,thenextphasecansharpentargeting

andprioritizehigh-leverageactions:implementingtargetedcashtransfersratherthanbroadsubsidies,launchinglabor-intensivepublicworksinunderservedareas,providingurgentagriculturalinputsupport,maintainingsupervisoryvigilanceinthefinancialsector,andpursuinglow-costreformstoreducelogisticsandbusinesscosts(seetableES.2formoredetails).

TableES2.Prioritypolicyoptions

Priority

Rationale

Optionsforthenext6-9months

Optionsforthenext9-15months

Targetedsocial

protectionandjobs

Fuelandremittanceshocksareeroding

purchasingpower;a60percentfuelpriceincreasecouldpushabout1.1million

peopleintopoverty,whilemanyreturneesremainininformalorvulnerablework.

Targeted,time-boundcashtransfers

throughIDPoorandreturneechannels(benchmark:aboutUS$45/householdfor3–6months,anestimatedUS$30million/month—comparedwithaboutUS$50million/monthforbroadfuel-taxrelief).

Fast-tracklabor-intensivepublic

worksinunderservedprovincesandhigh-povertycommunes:ruralroads,irrigation,communityfacilities,

secondary-schoolconstruction.

ExpandtheFamilyPackageto

near-poorandat-riskhouseholdswithshock-responsivetriggers;scalegraduation-basedlivelihoodsupport;useTVETvouchers,

stipends,andmicro-credentialstoreconnectreturneesandinformalworkerstobetterjobs.

Fiscal

discipline,energyshock

management,

andrevenueresilience

Cambodiaretains

buffers,butopen-endedsubsidieswoulderodethefiscalspaceneededforhumancapital,

productivity,and

resilienceagainstfutureshocks.

Refrainfromfurtherfuel-taxcutsandannounceexplicitsunsetclausesfor

existingreductions;closelymonitortheimplicitfiscalcostofkeepingelectricityretailtarifffreezes;anddeploylow-

costenergydemand-management

measures(suchaswork-from-home

guidance,staggeredhours,conservationcampaigns)shouldpressuresintensifyandconditionswarrant.

Anchortheresponsewith

revenuereforms,includingVATmodernization,rationalizationoftaxexpendituresandinvestmentincentives,excisereforms

(particularlyhealthtaxes),andtheimplementationofthepersonalincometaxframework.

Agriculture,

foodsecurity,andrural

incomes

FarmersfaceanarrowMay–Juneplanting

window;diesel,

fertilizer,andpesticidecoststhreatenyields,

ruralincomes,andfoodsecurity.

Implementanurgentfertilizer

plan:coordinatewithimporters

anddistributors,fast-trackcustoms

andlicensingforfertilizersandsoil

conditioners,issueextensionadvisoriesonefficientapplicationandblended/bio-fertilizeruse,andpublishweeklyprovincialpricedatatodeterhoardingandpricespeculation.

Enhanceagriculturalproductivityandlowerfarm-to-marketcoststhroughruralroadmaintenance,smallirrigationworks,affordableseasonalfinance,solar-poweredirrigation,andsupportforhigher-valuecropupgrading.

Financial

stabilityandaccessto

finance

Creditandproperty-

sectorstresscould

amplifythedownturnifconfidenceweakensorviablefirmsloseaccesstoworkingcapital.

Maintainsupervisoryvigilance;requirebankswithhighNPLstoimplement

credible,time-boundNPLreduction

andcapital-restorationplans;enforce

adequateprovisioningwhilefacilitatingorderlyrestructuring,recoveries,and

write-offswhereappropriate;andensurerecapitalizationremainsshareholder-ledtoavoidfiscalbailouts.

EnsuretheAMIframework

supportsgenuineresolutionandpricediscovery;improveinsolvencyandcollateralenforcement;

completethefinancialsafetynet—includingbankresolution,depositprotection—oncemacroeconomicconditionsstabilize;expand

CGCC/SMEBankrisk-sharingfacilities,linkingthemexplicitlytojobretentionandcreation.

CambodiaEconomicUpdateJune2026