IMF Raises Morocco’s Growth Forecast to 5.7%, Highest in MENA Region

In its semi-annual report, the International Monetary Fund (IMF) has revised upwards its forecasts for the Moroccan economy. Growth is expected to reach 5.7% compared to 4.5% previously anticipated. A growth rate indicated as the most robust among the countries in the Middle East and North Africa region.

The Bretton Woods institution also points out that this post-Covid recovery of the kingdom should "strengthen" thanks to the relaunch of exports, the good performance of the agricultural sector and the results of the policies implemented to fight the pandemic and accelerate vaccination.

"This recovery will strengthen in the future because the figures show that export growth is strong, that the agricultural sector, which represents an important activity in Morocco, is regaining a solid recovery this year but also, that the ability of the Moroccan economy to resume normal activity is materializing," said Jihad Azour, Director of the Middle East and Central Asia Department of the IMF, on Tuesday in Washington.

Furthermore, the consumer price index will be 1.4% in 2021 and 1.2% in 2022, according to the same projections. Morocco’s current account balance is set at -3.1% in 2021 and -3.3% in 2022.

At the regional level, a "fragile recovery" is expected with an increase in real GDP of 4.1% in 2021 and 2022.