According to the latest World Economic Outlook published by the World Bank on Tuesday, June 6, Morocco’s economic growth should stand at 2.5% at the end of 2023 against 1.1% in 2022.
“In Morocco, growth is expected to accelerate to 2.5% in 2023 against 1.1% the previous year, thanks to the resilience of tourism and the automotive industry”, indeed indicated the financial institution. international, estimating that it should reach 3.3% in 2024 or even 3.5% in 2025.
The World Bank notes, on the other hand, that the “adverse weather conditions will delay the normalization of agricultural production after several consecutive years of drought”.
In addition, notes the organization, “in Morocco, the persistent drought and high inflation weaken growth, unemployment having exceeded its pandemic peak in March 2023”.
At the level of the MENA region (Middle East and North Africa), the World Bank notes that this part of the world has started the year 2023 on a solid growth dynamic, but notes that it “marks time”.
Despite enjoying high growth for a decade and low unemployment last year, oil-exporting countries have announced cuts in oil production, the Bretton Woods institution said.
Continuing her analysis, she also notes that the oil-importing economies are for their part “faced with several difficulties, in particular high inflation and their growth has slowed markedly in 2023”.
The World Bank is thus forecasting a slowdown in growth to 2.2% in 2023, with downward revisions compared to January projections, for both oil-exporting and oil-importing countries.
The institution, however, estimates that “the level of production should rebound in 2024 to reach 3.3%”, provided that inflation and global turbulence subside and that oil production increases.
Before rebounding to 3.2% in 2024, “growth in oil-exporting countries is expected to slow to 2.0% in 2023,” she also said, explaining that this reflects a significant drop from forecasts for only six months ago.
According to his explanations, the oil production cuts announced in 2023 and which should be phased out in 2024 largely justify this revision.
Note that global growth is expected to stall in 2023, falling to 2.1%, against 3.1% in 2022, according to projections by the international body.
“Excluding China, emerging and developing economies are expected to see growth slow to 2.9% this year from 4.1% last year,” he said, adding that these expectations point to a a general downward revision.