Faced with the deterioration of its external position, Morocco will seek the support of the International Monetary Fund (IMF) to strengthen its foreign exchange reserves, according to Fitch Solutions.
The International Monetary Fund (IMF) has revised downward its growth forecasts for Morocco. This year, it stands at 0.8% and should rise to 3.6% in 2023, then rebound to 3.4% in 2024.
For the 4th quarter of 2022, economic activity will experience growth of 1.4%, according to data published by the High Commission for Planning (HCP) in its note on the economic situation for the third quarter of 2022.
For the 9th consecutive year, Choiseul has established the Top 100 of the best young business leaders in Africa. And as one might expect, Morocco alone has 12 business leaders in this ranking.
Moroccan banks have been resilient during the Covid-19 health crisis, according to a report by the central bank of the kingdom.
In 2023, the Moroccan economy would remain impacted by the effects of the pandemic and the war in Ukraine. The Moroccan Center for Economic Conjuncture (CMC) stated that the growth rate should be around 5.4%.
In the first quarter of this year, Moroccan economic activity experienced a slowdown, resulting in growth of 0.3% compared to 2% during the same period last year.
On the occasion of the International Day of Family Remittances, a debate was organized on the transfers made by Moroccans residing abroad, especially during the critical period of the Covid-19 pandemic.
In 2021, the Moroccan economy withstood exogenous shocks , recording a growth of 7.9%, after a deep recession of 7.2% in 2020 linked in particular to the health crisis, according to the High Commission for Planning (HCP).
Like other countries importing Russian cereals , Morocco has been facing difficulties for a few months, due to the war in Ukraine. A situation that is improving according to the commercial representative of Russia in Morocco.
The American rating agency Fitch Ratings confirmed on May 13 Morocco’s long-term foreign currency issuer default rating at "BB+" with a stable outlook. This rating "reflects a favorable debt composition, reasonably comfortable liquidity reserves and a track record of macroeconomic stability, reflected in relatively low inflation and GDP volatility prior to the Covid-19 pandemic".
The International Monetary Fund (IMF) has revised its growth forecasts for Morocco this year to 1.1%, a sharp decline from the previous estimate of 3%.