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Thursday, May 30, 2024

Economy Should Grow 3.4% in 2024, Says Lekjaa

Minister Fouzi Lekjaa, delegate of the Minister of Economy and Finance in charge of the budget, said on Friday in Rabat that based on the assumptions adopted, the national economy should record a growth of 3.7% in 2024, compared to +3.4% forecast for 2023.

ekjaa, who presented the general framework of the 2024 Finance Bill at a joint meeting of the Finance Committees of the House of Representatives and the House of Councillors, stressed that the medium-term growth rate should be 4%.

These forecasts, he noted, could be revised downwards in the event of a further deterioration in the global economic outlook, in particular due to the repercussions of the Russia-Ukraine conflict and its impact on commodity prices and global production and supply chains, as well as tighter monetary conditions.

Specifically, Lekjaa noted that according to the forecasts of the 2024-2026 three-year budget program, Gross Domestic Product (GDP) is expected to grow by 3.7% in 2024, 3.6% in 2025 and 4% in 2026.

Agricultural value added (VA) is projected to grow by 5.9% in 2024, 4.1% in 2025, and 4.8% in 2026, while non-agricultural VA is projected to grow by 3.4% in 2024, 3.6% in 2025, and 3.9% in 2026.

These assumptions are also based on an inflation rate limited to 3.4% in 2024 and 2% in 2025 and 2026.

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