Economic indicators predict an increase of 3.6% next year in Morocco’s GDP, due to a recovery in international and local demand, a more typical agricultural harvest, and a decline in commodity prices in global markets, according to the Statistics and Forecasts Office (HCP).
However, HCP expects that economic growth will be 3.3% this year, despite a below-average cereal harvest of 55.1 million tons, which is still 62% greater than the previous year, when farm productivity declined “brutally” owing to drought.
As the government maintains its spending on social programs and economic stimulation, the budget deficit would eat up 5% of the GDP in 2024 (4.8% in 2023).
Thus, the national debt would be 86.5% of the GDP, up from 85.8% in 2023. Foreign exchange reserves would still cover 5.2 months of imports next year.