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Friday, April 12, 2024

Morocco’s Economy Expected to Grow by 0.8% in 2022, 3.1% in 2023 (IMF)

Morocco’s economy is expected to grow by 0.8% in 2022 before increasing to 3.1% in 2023, according to the International Monetary Fund (IMF).

The kingdom’s GDP is expected to increase by 3.4% in 2027, said the IMF in its “World Economic Outlook” report, published Tuesday.

Inflation would reach 6.2% this year before falling to 4.1% in 2023, the source added.

The unemployment rate in Morocco would reach 11.1% this year and 10.7% in 2023, the report pointed out.

The current account balance is expected to decline by 4.3% in 2022 and by 4.1% in 2023, the source added.

Growth in the Middle East and Central Asia is projected to increase to 5.0 percent in 2022, largely reflecting a favorable outlook for the region’s oil exporters and an unexpectedly mild impact of the war in Ukraine on the Caucasus and Central Asia.

In 2023, growth in the region is set to moderate to 3.6 percent as oil prices decline and the headwinds from the global slowdown and the war in Ukraine take hold, the IMF said.

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