Morocco's economy is expected to grow by 3.1% in 2024 and 3.3% in 2025, according to the latest World Economic Outlook (WEO) update released yesterday by the International Monetary Fund (IMF).
The report, which was published on the sidelines of the IMF and World Bank Spring Meetings in Washington, D.C., also forecasts that inflation will reach 2.2% in 2024 and 2.5% in 2025.
The unemployment rate is projected to remain at 12% this year before declining slightly to 11.5% in 2025.
The IMF expects the kingdom's current account balance to stabilize at -2.6% of GDP in 2024 and -2.9% in 2025.
For the Middle East and North Africa (MENA) region as a whole, growth is expected to reach 2.8% in 2024 and 4.2% in 2025. Sub-Saharan Africa is forecast to grow by 3.8% in 2024 and 4% in 2025.
On a global level, the Bretton Woods institution expects growth to hold steady at 3.2% in 2024 and 2025, noting that most indicators suggest that the global economy is "on the cusp of a soft landing."
The Washington-based institution highlighted that this growth remains uneven given the numerous challenges on the horizon, including conflicts that "continue to cause loss of life and increase uncertainty."
According to the latest forecasts, growth in 2024 and 2025 will remain stable at around 3.2%, while the average core inflation rate will decline from 2.8% at the end of this year to 2.4% by the end of 2025.
The source explained that the resilience of growth and the accelerating decline in inflation are due to the positive developments on the supply side, particularly the "dissipation of the impact of shocks" on energy prices, pointing to the impact of the notable recovery in labor supply, supported by significant migration flows in many developed countries, as well as "decisive" monetary policy measures.
Despite these "positive" developments, the IMF notes that "there are still many challenges and decisive action is needed," expressing concern about rising inflation rates and the large disparities between low-income developing countries and the rest of the world.
