However, despite this progress, the agricultural sector, the pillar of the Moroccan economy, was once again affected by a year of drought, reducing yields. Fortunately, other sectors, driven by domestic demand, were able to partially offset these negative impacts.
The IMF insists on the need for Morocco to stay the course on ongoing reforms to succeed in its ecological transition. Among the priorities identified are the liberalization of the energy sector, the establishment of green taxation and measures to protect water resources, which are increasingly rare in the country. These reforms are crucial for Morocco to achieve its climate goals while stimulating sustainable growth.
Economic forecasts
For the year 2024, the IMF forecasts economic growth of 2.6%, marking a slowdown compared to 2023, due to the difficulties encountered by the agricultural sector. On the other hand, inflation, which had reached 8% at the end of 2022, is expected to fall to 2.1%, thus getting closer to the Central Bank’s objective. On the public finance side, the deficit should stabilize at 4.3% of GDP, while public debt should remain above 69%, one of the highest ratios in Africa.
Morocco
