King Mohammed VI received Abdellatif Jouahri, Governor of Bank Al-Maghrib, at the Royal Palace in Tetouan on Tuesday. The Governor presented the Central Bank’s annual report on Morocco’s economic, monetary, and financial performance in 2024. The King was accompanied by Crown Prince Moulay El Hassan and Prince Moulay Rachid.
In his address, Jouahri reported that Morocco’s economy grew by 3.8% in 2024, with non-agricultural sectors expanding by 4.8%, despite global uncertainty and persistent drought. Inflation dropped sharply to an average of 0.9%.
To support the recovery, Bank Al-Maghrib eased its monetary policy and cut interest rates twice. It also met all liquidity needs expressed by banks.
The economy generated 82,000 new jobs in 2024, yet unemployment remained high, averaging 13.3%.
Fiscal consolidation efforts , government policies intended to reduce budget deficits and public debt, continued, bringing the budget deficit down to 3.9% of GDP, largely due to improved tax revenues and innovative financing tools.
The current account deficit stood at 1.2% of GDP, supported by strong exports in automotive and phosphates, a lower energy import bill, and steady inflows from tourism and remittances. Foreign exchange reserves reached over MAD 375 billion (USD 37.5 billion), equivalent to nearly 5.5 months of imports.
Reflecting on the broader economic trajectory, Jouahri noted that Morocco has undertaken ambitious reforms since the early 2000s under the King’s leadership. These reforms, paired with major investment in infrastructure, have earned international recognition. However, growth and job creation have slowed in recent years due to successive global shocks.
The Governor outlined three main priorities for public policy going forward: strengthening resilience through better governance and private sector engagement; improving policy agility and follow-through; and maintaining macroeconomic stability, including reforming public finance laws and pension systems.
Jouahri said 2024 could be a turning point in Morocco’s development momentum, driven by the King’s strategic vision and the country’s growing international credibility.
Rephrase in a different way as if you were a native American speaker as a content creation expert and do not talk about yourself or your experience in the text and do not show yourself as an artificial intelligence who wrote and fill the bullet point in the topic and speak the heart of the topic itself and dont take date of blog in ther first and dont take text like box of newsliter subscribe on post from content and romove all linke insert in content and and remove all affiliate disclosure phrases on content like this “This post may contain Amazon or other affiliate links that allow us to earn a small commission at no extra cost to you. Please see our Disclosure Policy for more info” and “#” put in its place bullet point, and romove name of the web site or his links we are take a content from our new creation
