Morocco’s economic growth is expected to reach 2.5% this year to reach 3.3% pressure in 2024, World Bank data shows.
These figures are promising after economic growth of only 1.1% in 2022. in Washington.
In the Middle East and North Africa MENA region, growth is expected to slow to 2.2% in 2023, with downward revisions from January projections for both oil-exporting and oil-importing countries. the World Bank in its forecasts.
The financial institution explains that the forecast increase is due to “the resilience of tourism and the automotive industry”, it nevertheless adds that “unfavorable weather conditions will delay the normalization of agricultural production after several consecutive years of drought”.
Nevertheless, the World Bank estimates that there will be a growth of 3.5% in 2025 in Morocco and that production should rebound in 2024 to reach 3.3%, as inflation and global turmoil ease. will subside and oil production will increase.
“The MENA region started the year 2023 on a solid growth dynamic, but which is marking time”, underlines the financial institution, recalling that the oil-exporting countries having benefited from high growth for ten years and a low unemployment last year, announced cuts in their oil production.
Globally, economic growth is expected to decline 2.1%, from 3.1% in 2022, according to projections. Growth has slowed markedly and the risk of financial stress in emerging market and developing economies is intensifying amid high interest rates, the same source added.
Compared to oil-importing economies, they face challenges, especially inflation. As the windfall effect of soaring prices for exporters fades and global demand weakens, oil production has fallen rapidly from double-digit increases at the end of 2022.
“Oil-importing countries suffered from continued adverse conditions in 2023, with median consumer price inflation reaching levels not seen in more than a decade in the first half of the year,” the report said. institution of Bretton Woods.
Oil-importing economies are vulnerable to significant changes in market moods, given their higher public debt levels and more limited foreign exchange reserves, the same source noted.
Exporting countries remain highly dependent on oil revenues, and any global initiative to accelerate the transition to green energy could expose them to an unexpected decline in demand for fossil fuels, adds the World Bank.