Morocco’s ongoing economic reforms are set to propel the nation towards more inclusive and robust growth, according to a recent assessment by S&P Global Ratings.
The renowned credit rating agency said that Morocco’s diversified and resilient economy is a key factor supporting these positive prospects.
In its latest report, S&P Global said that the strong performance of key sectors such as tourism, phosphates, automotive, and aerospace has further bolstered growth prospects and economic stability.
Morocco’s ability to withstand several shocks over the past decades while maintaining access to domestic and external financing has shown its economic resilience.
Projecting a steady growth trajectory, S&P forecasts that Morocco’s GDP will average 3.6% between 2024 and 2027, a significant improvement from the 1.5% recorded during the 2020-2023 period.
The report forecasts a positive economic outlook for Morocco, driven by several factors. Domestic demand is anticipated to surge, fueled by decreasing inflation and heightened private investment.
The upcoming Africa Cup of Nations and FIFA World Cup are expected to spur significant investment in infrastructure and related sectors, while Morocco’s ongoing socioeconomic reforms are poised to enhance the overall economic landscape.
The expansion of export capacity, particularly with the Tangier-Med port’s emergence as the largest in the Mediterranean and Africa, will also contribute to economic growth.
S&P Global further added that Morocco’s recent success in implementing socioeconomic and budgetary reforms is paving the way for stronger and more inclusive growth while reducing budget deficits.
The agency also acknowledged Morocco’s proactive approach to addressing water scarcity. The country’s action plan.
This action plan, which includes investments in infrastructure such as dams, desalination plants, and wastewater treatment facilities, coupled with water conservation measures, is expected to mitigate water-related challenges.
The upcoming construction of a large-scale desalination plant in Casablanca will further fortify Morocco’s commitment to water security.
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.