Morocco is expected to experience a boost in economic growth this year, according to a recent report by Credit Agricole’s Economic Research. The report projects 3.2% growth in the country’s gross domestic product (GDP) in 2023, up from 1.3% in 2022.
“Gross domestic product (GDP) growth will rise quite strongly in Morocco,” the report noted, recalling that the country was hit by a painful recession in the agricultural sector last year, which was exacerbated by a historic drought.
The report also highlighted that non-producing countries will experience different GDP growth rates in 2023, with Israel and Tunisia seeing a slowdown compared to 2022, while Egypt, Iran, and Jordan are expected to remain relatively stable.
Looking at the MENA region as a whole, the report forecasts 3% growth in 2023, a significant slowdown from 5.4% in 2022.
The report suggests that the decrease is due to an increase in oil GDP in 2022 for oil-producing countries, which capitalized on sales volumes that were significantly higher than in 2021, with barrel prices exceeding $100.
The report’s data shows that Morocco has proven its economic resilience despite significant challenges such as drought and inflation.
In an April report, Allianz Trade, an international trade credit insurance company, forecasted that Morocco’s economic growth would reach +3% in 2023 and that food-related inflationary pressures would ease.
The World Bank also released a report on Morocco’s economic growth, projecting that the north African country’s economy will grow by 3.5% in 2023 and 3.7% in 2024.
Meanwhile, the World Bank forecasts a 3.5% slowdown in the MENA region in 2023 as the boost from earlier increases in oil production and recovery in services following pandemic reopening fades.
