Moroccan GDP growth is set to experience a notable rise of 3.1 percent in 2023, according to the European Bank for Reconstruction and Development (EBRD), as announced on Tuesday.
In its comprehensive report on the economic outlook for the region, the bank emphasized that Morocco’s economy is poised to benefit from various factors, including a recovery in the agricultural sector, moderate inflation, and an improvement in investor confidence.
These positive indicators follow the removal of Morocco from the gray list of the International Financial Action Task Force, further bolstering the nation’s economic prospects.
The EBRD further projected that Morocco’s growth in 2024 would reach pre-pandemic levels, at a solid 3.2 percent.
The bank acknowledged that the kingdom’s ongoing reforms would provide additional impetus to its economic progress.
This optimistic forecast aligns with the wider context of the Southern and Eastern Mediterranean region, where the EBRD anticipates a modest rebound in GDP growth to 3.6 percent in 2023, up from 3.1 percent in the preceding year.
These adjustments are expected as the regional economies adapt to the repercussions of the Ukrainian conflict.
Looking ahead to 2024, a more accelerated recovery is anticipated, characterized by an average GDP growth rate exceeding 4 percent.
This projection coincides with the progress of reforms across all economies in the region.
Nevertheless, the EBRD underscored that global inflation concerns and lingering political uncertainties still pose risks to the economy.
Shifting focus to the bank’s overarching regions, which span three continents, the EBRD slightly revised down its forecast for 2023, now projecting a growth rate of 2.2 percent compared to the previously anticipated 2.3 percent in the February update.
However, the report highlights an expected improvement in 2024, with a forecasted growth rate of 3.4 percent, attributing this positive trend to the gradual alleviation of inflationary pressures.
The EBRD’s Regional Economic Outlook, released biannually, serves as a vital resource for analyzing regional economic developments, future prospects, and the bank’s expectations for the economies in which it invests.
This latest report was prepared by the Office of the Chief Economist and the Department of Strategy and Policy Implementation, encapsulating critical insights for economic stakeholders and decision-makers alike.
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