2023-10-12 16:24:08
Morocco would do better than the MENA region, at least in terms of economic growth. This is what emerged from one of the conferences on regional economic prospects, organized during the annual meetings of the World Bank and the IMF.
For this year, the IMF forecasts economic growth of 2.4% for Morocco compared to 2% for MENA. In 2024, GDP is expected to increase by 3.6% compared to 3.5% for the region. Remember that Bank Al-Maghrib expects a gradual improvement to 2.9% in 2023 then to 3.2% in 2024.
On the other hand, if we compare the expected achievements of the country in relation to emerging countries, they would be less significant since the latter should achieve growth which would exceed 4% over these two years respectively.
That said, Morocco is well off in terms of inflation. It should stand at 6.3% in 2023 and 3.5% in 2024. In the MENA region, it would still be at high levels, 17.5% in 2023 and 15% in 2024. Note that Moroccan economic projections , do not take into account the effects of the earthquake. “The IMF is in the process of establishing, in partnership with the Moroccan authorities, a report on the impact of this disaster, in the very short term on the one hand, and in the medium and long term on the other,” assures Jihad Azour , director of the Middle East and Central Asia department of the IMF.
The fact remains that Morocco has pursued an adequate monetary policy which has made it possible to control inflation and preserve its macroeconomic balances. Hence, his resilience given as an example. It is also the first country in the MENA region to benefit from financing under the Resilience and Sustainability Facility from the IMF.
However, “shocks are accelerating and intensifying and we must put in place sound economic policies that strengthen the resilience of the economy,” adds Azour. This resilience should involve the implementation of structural reforms or the consolidation of those already launched. This involves improving the business climate to increase investments, facilitating access to business financing to avoid the shocks of rising rates, strengthening the technological infrastructure with a view to ensuring the development of businesses and protect once morest climatic hazards.
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