May 29, 2023

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Growth of the Moroccan economy is expected to be 3.1% in 2023 (EBRD)

Morocco’s gross domestic product (GDP) growth is expected to reach 3.1% in 2023, the European Bank for Reconstruction and Development said on Tuesday (Bert)

In its report on the regional economic outlook, the bank noted that the Moroccan economy should benefit from the recovery of agriculture and containment of inflation, as well as improving investor confidence. International Financial Action Task Force (FATF).

In 2024, Morocco’s growth is expected to remain at pre-pandemic levels of 3.2%, although progress on reforms could give the kingdom additional momentum, the EBRD said.

As for production in the entire Southern and Eastern Mediterranean region, it expects a slight recovery in gross domestic product (GDP) growth to 3.6% in 2023 from 3.1% in 2022 as economies in the region adjust to the impact. War in Ukraine.

Also Read: Morocco: IMF predicts 3% growth in 2023

The recovery should accelerate in 2024, with average GDP growth above 4%, as reforms progress in all the region’s economies, the EBRD notes, although it underscores that the outlook for global inflation remains difficult and political uncertainty remains dangerous.

Looking at growth across all areas of the bank spanning three continents, the EBRD cut its forecast for 2023 to 2.2%, down slightly from the 2.3% forecast in its February update.

By 2024, this will rise to 3.4% as inflationary pressures gradually ease, the London-based firm’s report details.

The Regional Economic Outlook is published at least twice a year. The report is prepared by the Office of the Chief Economist and the Department of Strategy and Policy Implementation and contains a summary of regional economic developments and outlook, as well as the EBRD’s economic growth projections.

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