Economy

EBRD cuts Morocco’s 2024 economic growth outlook to 2.9%.

By chantar 2 Min Read

  • The European Bank for Reconstruction and Development (EBRD) has lowered its economic growth forecast for Morocco in 2024 to 2.9%, down slightly from an earlier estimate of 3% made in May.

  • The EBRD’s recent report predicts that the Moroccan economy will rebound to a growth of 3.6% by 2025.

  • This revision stems mainly from adverse weather conditions impacting the country’s agriculture sector, which relies heavily on rainfall. Nonetheless, the industrial and tourism sectors are expected to provide some stability against agricultural declines.

  • On the inflation front, conditions seem to be improving, with inflation easing to 1.3% in July 2024, largely due to reductions in food and energy prices.

  • The fiscal consolidation measures implemented by the Moroccan government, including spending cuts and tax hikes, are starting to show positive outcomes, resulting in a reduced fiscal deficit of 4.3% of GDP. Public debt stands at around 70% of GDP in 2023, despite the increasing burden of external debt servicing.

  • However, the Moroccan economy is still vulnerable to fluctuating energy prices since it imports 90% of its energy needs.

  • This dependency on external energy sources leaves Morocco open to potential shocks, and the agriculture sector, contributing about 12% to the GDP, remains at risk from climate change and unpredictable weather patterns.

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