Morocco’s economy is expected to grow by 3,7%, Deputy Minister for Budget Fouzi Lekjaa said on Friday as he presented the general framework of the Moroccan government’s Finance Bill (PLF) for 2024.
However, the deputy minister highlighted that these forecasts are contingent on a number of factors and may be subject to downward revision if the global economic situation deteriorates further.
He cited factors such as the Russia-Ukraine conflict, explaining its ramifications could impact commodity prices, global production, and supply chains, as well as tighter monetary conditions — all of which may necessitate revisiting the growth projections.
Delving into the specifics, Lekjaa outlined the three-year budget programming forecasts for the period of 2024-2026. According to these projections, Morocco’ gross domestic product (GDP) is expected to grow by 3.7% in 2024, followed by growth rates of 3.6% in 2025 and 4% in 2026.
In terms of the agricultural sector, the value added (VA) is forecasted to rise by 5.9% in 2024, with subsequent growth rates of 4.1% in 2025 and 4.8% in 2026. On the other hand, the non-agricultural value added is projected to increase by 3.4% in 2024, 3.6% in 2025, and 3.9% in 2026.
To support these estimations, the assumptions underlying the projections mentioned in Lekjaa’s presentation also consider an inflation rate limited to 3.4% in 2024, followed by a lower rate of 2% in both 2025 and 2026.
These economic projections provide insight into the government’s expectations for Morocco’s future economic performance.
As with any forecasts, they are subject to various external factors and global developments that may necessitate revisions. Given this, Lekjaa concluded, the government will closely monitor the global economic situation and adapt its plan accordingly to ensure sustainable growth and stability in the national economy.
