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EBRD predicts 3% growth for Morocco’s economy in 2024

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EBRD predicts 3% growth for Morocco's economy in 2024

Khadija TachfineThursday 16 May 2024 – 16:46

In a new report published on Wednesday, the European Bank for Reconstruction and Development (EBRD), analyzing the economy of the southern and eastern Mediterranean (SEMED) region, projected an annual growth rate of 3% for Morocco’s economy in 2024.

On its official website, the EBRD acknowledged that “the kingdom’s economy proved resilient in the face of the 6.8-magnitude earthquake that caused widespread destruction around the High Atlas Mountains near Marrakech in September 2023.”

The European Bank projected that Morocco’s economy will grow by 3.6 percent in 2025, attributing this increase to a recovery in external demand and heightened government investment.

It noted that “despite increased spending on post-earthquake reconstruction and expanded targeted social protection, the government is gradually pursuing fiscal consolidation by mobilizing domestic resources.”

However, the report went on to highlight that “Morocco’s reliance on energy imports and seasonal agricultural production leaves the economy vulnerable to climate risks.”

The European Bank emphasized that macroeconomic stabilization in Morocco, along with Egypt and Jordan, is largely due to the support from the International Monetary Fund and international donors.

It also mentioned that the “unemployment rate in Morocco rose slightly to 13% by the end of 2023, while inflation decreased 0.3 percent by February 2024.”

EBRD Economic growth

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