- 10:35Clavijo's Upcoming Visit to Morocco to Enhance Scientific Collaboration
- 10:20US Arms Control Official Heads to Morocco for Global Conference on AI in Chemical Weapons Prevention
- 10:00Tesla Faces Legal Action Over Alleged Unauthorized Use of Blade Runner Imagery
- 09:50Morocco Projects $1.58 Billion Revenue from Tobacco and Alcohol Taxation in 2025 Economic Plan
- 09:20Estonia Backs Morocco's Sahara Autonomy Plan, Strengthening Digital and Diplomatic Ties
- 09:02Microsoft Unveils New Autonomous AI Agents to Enhance Business Operations
- 08:50PSG Coach Lauds Hakimi's Evolution: Morocco's Star Defender Shows Growing Tactical Maturity
- 08:35ByteDance Terminates Intern Over Alleged Sabotage of AI Project
- 08:20Moroccan Medical Residents Extend Strike as Healthcare Crisis Deepens
Follow us on Facebook
Moroccan Economy Set for Steady Growth: Central Bank Forecasts 2.7% Expansion in 2023
In a promising outlook for the Moroccan economy, Bank Al-Maghrib (BAM), the country's central bank, has projected a growth rate of 2.7% for the year 2023, with further improvements anticipated in the following years. The latest quarterly meeting of BAM has illuminated the positive trajectory, indicating a gradual increase to 3.2% in 2024 and a subsequent rise to 3.4% in 2025.
BAM's statement, released after the meeting, underscores the significant role of agriculture in propelling the anticipated growth. With a cereal production of 55.1 million quintals in the previous season, the agricultural sector is expected to witness a remarkable 5% increase in value added in 2023. Looking ahead, projections suggest a further boost of 5.9% in 2024 and a moderate 2% rise in 2025, assuming favorable conditions and an average cereal production of 70 million quintals, alongside continued positive performance in other crop segments.
While the agricultural sector plays a pivotal role, non-agricultural activities are also poised for growth. The value added in these sectors is predicted to experience a growth rate of 2.5% this year, expected to rise to 2.7% in 2024. Furthermore, an accelerated expansion of 3.7% is anticipated in 2025, primarily driven by the expected recovery in the industrial and construction sectors.
Despite recent challenges, such as the Al Haouz earthquake, experts anticipate minimal economic impact. Assessments, including one conducted by Bank Al-Maghrib, suggest that the resilience of the Moroccan economy will mitigate the adverse effects of such events.
Looking ahead, the realization of numerous large-scale projects currently underway or planned is fueling optimism for a renewed momentum in investment and economic activity in the medium and long term. These ambitious initiatives are set to serve as catalysts for further growth, fostering a positive outlook for Morocco's economic landscape.
In conclusion, with a projected growth rate of 2.7% in 2023 and a promising trajectory in the years to come, the Moroccan economy is poised to maintain its upward momentum. Supported by the resilient agricultural sector, the expected recovery in non-agricultural activities, and the implementation of large-scale projects, Morocco is well-positioned to drive investment and economic activity, paving the way for a prosperous future.