IMF Slashes Morocco’s Growth Forecast to 1.1% Amid Global Economic Pressures

In its report on the outlook for the world economy published on Tuesday, the international financial institution stated that the war between Russia and Ukraine has strong repercussions on all regions of the world, through commodity markets, trade and financial links.

According to the updated forecasts, the kingdom will see a decline in unemployment from 11.9% in 2021 to 11.7% this year before a further decline to 11.1% in 2023. Inflation is expected to reach 4.4% this year before falling back to 2.3% in 2023. The current account balance stood at -2.9% in 2021, compared to -6.0% in 2022 and -4.0% in 2023.

Globally, economic growth is expected to be 3.6%, down -0.8 percentage points from the January forecasts, mainly due to the strong impact of the Russia-Ukraine conflict.