The Moroccan economy is expected to register a growth rate of 1.1% in 2022, against 3% previously forecast in January, according to the International Monetary Fund (IMF), which published its semi-annual World Economic Outlook report on Tuesday. The IMF also anticipates growth of 4.6% for Morocco in 2023.
The Bretton Woods institution also forecasts a drop in unemployment from 11.9% in 2021 to 11.7% this year before a further decline to 11.1% in 2023. Inflation is expected to reach 4.4%. this year before falling back to 2.3% in 2023. The current account balance stood at -2.9% in 2021, compared to -6.0% in 2022 and -4.0% in 2023.
Globally, growth should stand at 3.6%, down -0.8% compared to January forecasts due in particular to the strong impact of the war between Russia and Ukraine. “Like seismic waves that travel from the epicenter of an earthquake, the economic repercussions of war are felt far beyond the region, primarily through commodity markets, basic goods, trade and financial links,” the report said.