World Bank Projects 2.5% Growth for Morocco’s Economy in 2023

7 June 2023 – bySaid · 1 min read

The Moroccan economy is expected to grow by 2.5% this year before recording 3.3% in 2024, according to the latest figures published by the World Bank. These figures are mainly due to the resilience of the tourism and automotive sectors.

Despite these optimistic projections, unfavorable weather conditions are likely to disrupt the recovery of agricultural production after several years of drought, the institution warns, specifying that Morocco has only experienced 1.1% growth in 2022.

The Washington-based institution also addressed the economic challenges in the Middle East and North Africa (Mena) region. For 2023, regional growth is expected to slow to 2.2%, a downward revision for both oil-exporting and oil-importing countries. A rebound is expected in 2024 with a projected growth rate of 3.3%, provided that inflation and global turmoil stabilize and oil production increases.

Globally, economic growth is expected to slow to 2.1% this year, compared to 3.1% in 2022, the World Bank group indicates.

Category: Economy

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Economic growth World Bank