Morocco’s growth is projected to pick up to 3.5% in 2023 and 3.7% in 2024, according to the World Bank’s latest World Economic prospects issued on Tuesday by the international banking institution.
This slight growth rate will be achieved thanks to the agricultural sector’s gradual recovery from the drought that affected the Kingdom last year, said the WB flagship report.
Morocco’s government spending is likely to somewhat offset the downturn in private consumption caused by high inflation.
Morocco underwent a serious period of drought that impacted its economy in 2022. The skyrocketing energy bills were slightly compensated by the tourism sector’s rebound.
The World Bank anticipates that the drought and water crisis might cost up to 6.5 percent of GDP by 2050 and force up to 5.4 percent of the population to migrate.