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Morocco's Economy Anticipated to Expand by 3.1% in 2024 Despite Inflationary Pressures
Morocco is poised for robust economic growth, with projections by the International Monetary Fund (IMF) forecasting a 3.1% expansion in 2024. This positive outlook persists despite the country grappling with inflationary challenges.
The IMF's latest forecast, unveiled during the spring meetings with the World Bank in Washington, sheds light on several pivotal economic indicators for Morocco. While inflation is anticipated to stabilize at 2.2% in 2024 before edging up to 2.5% in 2025, the unemployment rate is expected to decline from 12% in 2024 to 11.5% the following year.
However, Morocco's current account balance is foreseen to remain negative, standing at -2.6% in 2024 and further dropping to -2.9% in 2025. This aligns with the broader trend in the Middle East and Central Asia region, where growth is forecasted to reach 2.8% in 2024 and accelerate to 4.2% in 2025.
Across the African continent, sub-Saharan Africa is projected to experience growth rates of 3.8% in 2024 and 4% in 2025. Globally, the IMF anticipates a steady growth rate of around 3.2% for both years, indicating a "soft landing" for the world economy.
Despite this overall optimism, the IMF cautions about persistent challenges, including ongoing conflicts and disparities between low-income developing countries and the rest of the world. The global financial institution underscores the necessity for decisive measures to tackle pressing issues, particularly concerning inflation rates.
The IMF's projections for Morocco's economic performance find resonance in a recent outlook from the Africa Development Bank (AfDB), which foresees the country's growth reaching 3.5% in 2024 and 3.9% in 2025.
Nevertheless, the North African region as a whole confronts various challenges, including drought in Morocco and Tunisia, flooding in Libya, and macroeconomic issues in Egypt. Inflation remains a significant concern in Morocco, with the rate surging to around 6.3% last year, well above the recommended 2%.
As Morocco navigates these economic headwinds, addressing inflation and unemployment while fostering inclusive growth remains imperative for the country's sustainable development and the broader stability of the North African region.