The global economy is expected to maintain its resilience amid easing monetary policies and a recovery in international trade. Commodity prices should continue their downward trend, contributing to the easing of inflationary pressures. These prospects nevertheless remain compromised by the intensification of economic and geopolitical conflicts.
National economic growth should strengthen in 2025 after an expected deceleration in 2024. It should benefit from the moderate recovery of the agricultural sector, the continued dynamism of the secondary sector and the continued good performance of tertiary activities.
Domestic demand should continue to support economic activity, benefiting from improving incomes and the favorable direction of investment. The strength of travel receipts, combined with the good performance of transfers from Moroccans living abroad, should help to contain the current deficit at a moderate level. The budget deficit is expected to widen slightly in 2025 after a reduction started in 2021.
Morocco
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