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Tuesday, May 21, 2024

Morocco’s Economy Expected to Grow by 3.3% in 2023 (HCP)

The national economy is expected to grow by 3.3% in 2023, after 1.3% last year, according to the 2023 Economic Budget Forecast of the High Commission for Planning (HCP).

“Taking into account sectoral developments (…) the gross domestic product (GDP) should grow by about 3.3% in 2023, after 1.3% in 2022,” said Thursday in Rabat, the High Commissioner for Planning, Ahmed Lahlimi Alami, in a speech read on his behalf by the Secretary General of the HCP, Ayachi Khellaf, at a press conference dedicated to the presentation of the Provisional Economic Budget 2023.

Lahlimi said that in 2023, the national economy would evolve in a context marked by prospects of entry into recession of major trading partners and a tightening of international financial conditions.

In this regard, he said that world trade should slow down, showing an increase of 1.6% after 4% in 2022, noting that the world demand addressed to Morocco should, therefore, experience a decline in its rate of growth to 3.2% in 2023 against 7.6% in 2022.

 

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