Moroccan gross domestic product (GDP) growth is expected to reach 3.1% in 2023, the European Bank for Reconstruction and Development (EBRD) announced on Tuesday.
In its report on the regional economic outlook, the Bank specified that the Moroccan economy should benefit from the recovery of agriculture and the moderation of inflation, as well as from the improvement in investor confidence, following the removal of the country from the gray list of the International Financial Action Task Force (FATF).
In 2024, growth in Morocco is expected to be in line with pre-pandemic levels of 3.2%, the EBRD said, noting however that progress in reforms could give the Kingdom additional momentum.
With regard to production in the entire southern and eastern Mediterranean region, the Bank expects a slight recovery in gross domestic product (GDP) growth to 3.6% in 2023, from 3.1% in 2022, as economies in the region adjust to the impact of war in Ukraine.
The recovery should accelerate in 2024, with an average GDP growth of more than 4%, as the reforms progress in all the economies of the region, specifies the EBRD, underlining however that the prospects for global inflation difficult and political uncertainty remain downside risks.
Looking at growth across all of the Bank’s regions, which span three continents, the EBRD has cut its forecast for 2023 to 2.2%, down slightly from the 2.3% forecast in the February update.
In 2024, it should rise to 3.4% as inflationary pressures gradually ease, details the report from the London-based institution.
The regional economic outlook is published at least twice a year. The report is prepared by the Office of the Chief Economist and the Strategy and Policy Implementation Department and contains a summary of regional economic developments and outlook, as well as the EBRD’s growth forecasts for the economies. in which it invests.