Morocco’s Gross Domestic Product (GDP) growth is forecast to reach 3.1% in 2023, according to the European Bank for Reconstruction and Development (EBRD) latest report entitled “Regional Economic Prospects in the EBRD Regions”, released on Tuesday.
The country’s economy is set to benefit from multiple factors, including the recovery of the agriculture sector, moderating inflation, and improved investor confidence, following its removal from the Financial Action Task Force (FATF) grey list.
In 2024, Morocco’s growth is projected to return to pre-pandemic levels at 3.2%, with the potential for further advancement through reform initiatives.
The EBRD also anticipates a slight increase in GDP growth for the South and East Mediterranean region, reaching 3.6% in 2023.
The overall recovery in the EBRD regions is expected to accelerate in 2024, with an average GDP growth of over 4%. However, global inflation and political uncertainty remain as potential risks.