Morocco’s minister of economy, Nadia Fettah Alaoui said Wednesday in Rabat that the country’s economic growth should reach 4.5% in 2023, a larger increase than the 1.5% anticipated this year.
The projection is based on the assumption of a 2023 cereal harvest of 75 million quintals (Mqx), a price drop for butane gas to 700 dollars per ton, a drop in oil prices to 93 dollars per barrel, and a return of the inflation rate to 2%.
Projections will likely be subject to a downturn revision, said the minister citing a slow recovery of the global economy in 2023 and the lengthiness of the Ukraine war and its ramifications on commodity prices, global production, and supply chains.
Subsequent inflationary pressures would lead to tighter monetary policies, said the minister before the Committee on Finance and Economic Development in the House of Representatives in a presentation on “the implementation of the Budget 2022 and the three-year budget 2023-2025.”
The Ministry targets the mitigation of the budget deficit in 2023 to 4.5% and 3.5% in 2025, she said, estimating that the achievement of these objectives involves a series of reforms and measures requiring the mobilization of additional resources.
This year, economic growth slowed down to 1.5% in 2022, against 3.2% initially forecasted in this year’s bill, amid an inflation rate that should exceed 5.3% in 2022, against 1.4 in 2021, due to an increase in food prices of 7.8% and non-food products of 3.4%.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.