Inflation in Morocco is expected to rise by 6.2% in 2022 and then drop by 4.1% next year, estimates the International Monetary Fund (IMF) in a report published Tuesday.
Morocco’s economy is expected to slightly grow by 0.8% this year, and by 3.1% in 2023, according to IMF’s projections.
The country’s GDP is also expected to rebound by 3.4% in 2027, estimated the IMF in a report published on the sidelines of its annual meetings in Washington with the World Bank.
The unemployment rate is expected to reach 11.1% this year before a slight decline to 10.7% in 2023, added the same source.
The IMF said that the current account balance of the Kingdom will be established at -4.3% in 2022 and then at -4.1% the next year.
In the Middle East and Central Asia region, economic growth is expected to reach 5% this year, mainly for oil-exporting countries in the region, added the same source.
Overall, the global economy is facing several volatile challenges, including higher-than-expected inflation and tightening financial conditions in most regions, including Morocco, said the same source.
This shift comes as a result of the Russian offensive on Ukraine since late February, as well as the lingering COVID-19 pandemic, resulting in a cost-of-living crisis caused by persistent inflationary pressures, added the same source.
The IMF estimated that the world economy will grow by 3.2% in 2022 before slowing by 2.7% next year, while the world’s three largest economies—China, the euro area, and the US—will slow significantly in 2022 and 2023, with downgrades compared with the estimations made in April and, in most cases, July.
Since 2021, inflation has risen faster and more persistently than expected. In 2022, inflation in advanced economies reached its highest rate since 1982, according to the same source.
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