EBRD prospects: Manufacturing, tourism to drive Morocco growth in ’24

Morocco’s economy is expected to grow by 2.9 per cent in 2024, according to the European Bank for Reconstruction and Development (EBRD). The EBRD also expects growth to accelerate to 3.6 per cent in 2025, driven by rising domestic demand and improved conditions in key sectors.

Despite the challenges posed by drought, growth will be supported by a recovery in the manufacturing and tourism sectors, as well as strong export performance.

Inflation has eased significantly, reaching 1.3 per cent in July 2024, aided by lower food and energy prices. The Moroccan government continues to pursue fiscal consolidation, reducing the deficit to 4.3 per cent of GDP in 2023, despite challenges from rising external debt costs.

Attribution: EBRD report

Subediting: M. S. Salama