Morocco’s economy is expected to grow by 3% in 2023, according to the International Monetary Fund (IMF).
The kingdom’s GDP is expected to increase by 3% in 2023 and by 3.1% in 2024, said the IMF in its “World Economic Outlook” report, published Tuesday.
Inflation is expected to reach 4.6% this year before falling to 2.8% in 2024, the source added.
The unemployment rate in Morocco would reach 11% this year and 10.5% in 2024, the report pointed out.
The current account balance is expected to decline by 3.7% in 2023 and by 3.5% in 2024, the source added.
Global growth will bottom out at 2.8% this year, said Tuesday the IMF.
“Global growth will bottom out at 2.8 percent this year before rising modestly to 3.0 percent in 2024”, the Washington-based institution pointed out in its “World Economic Outlook” report.
“Global inflation will decrease, although more slowly than initially anticipated, from 8.7 percent in 2022 to 7.0 percent this year and 4.9 percent in 2024”, the Bretton Woods institution added.
On the surface, the global economy appears poised for a gradual recovery from the powerful blows of the pandemic and the war in Ukraine, the IMF said.
China is rebounding strongly following the reopening of its economy, the source noted, adding that supply-chain disruptions are unwinding, while the dislocations to energy and food markets caused by the war are receding.
“Simultaneously, the massive and synchronous tightening of monetary policy by most central banks should start to bear fruit, with inflation moving back toward its targets.”
Notably, emerging market and developing economies are already powering ahead in many cases, with growth rates jumping from 2.8 percent in 2022 to 4.5 percent this year.
The slowdown is concentrated in advanced economies, especially the euro area and the United Kingdom, where growth is expected to fall to 0.7 percent and –0.4 percent, respectively, this year before rebounding to 1.8 and 2.0 percent in 2024.
“Below the surface, however, turbulence is building, and the situation is quite fragile, as the recent bout of banking instability reminded us,” the IMF said.
Inflation is much stickier than anticipated even a few months ago, it noted, adding that while global inflation has declined, that reflects mostly the sharp reversal in energy and food prices.
But core inflation, excluding the volatile energy and food components, has not yet peaked in many countries, the IMF stressed, adding that it is expected to decline to 5.1 percent this year (fourth quarter over fourth quarter), a sizable upward revision of 0.6 percentage point from January update.
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