The European Bank for Reconstruction and Development predicts a strong rebound for Morocco’s economy. In the first half of 2023, growth stood at 3.4% year on year, indicating a notable recovery.
Growth expectations for 2023 are approximately 3.1%, a significant improvement from the 1.3% recorded in 2022. Last year’s challenges included a severe drought and tightened global financing conditions.
Morocco’s Central Bank in its third quarterly meeting for 2023, confirmed that national economic growth in Morocco is expected to gradually improve, reaching 2.9 percent in 2023 and 3.2 percent in 2024
EBRD forecasts do not incorporate the effects of the September earthquake in the High Atlas mountains near Marrakech, making it difficult to assess the overall economic impact. Reconstruction expenditure could boost medium-term growth but may also increase financing needs.
The economic resurgence in 2023 is attributed to various factors, including an improved harvest, a thriving tourism sector, reduced inflation, and increased domestic demand, EBRD said.
Unemployment, as of the second quarter of 2023, decreased slightly to 12.4%. However, disparities persist, with higher rates among women (17%), youth (33.6%), and in urban areas (16.3%).
Looking ahead, growth is expected to reach 3% in 2024, returning Morocco to pre-pandemic levels. Accelerated reforms hold the potential to further enhance the medium-term economic outlook.