Morocco’s economic growth may shrink to 0.8% – IMF

• The latest outlook from the International Monetary Fund (IMF) forecasts that the economic growth of Morocco could shrink to 0.8% this year. The economy recorded a 7.9% growth in 2021.

The latest outlook from the International Monetary Fund (IMF) forecasts that the economic growth of Morocco could shrink to 0.8% this year. The economy had recorded a 7.9% growth in 2021. In 2023, it is projected to recover to 3.1%. IMF has projected an average 0.9% average growth for the Maghreb region.

The IMF projects a grim scenario for consumer prices also. Inflation is expected to touch 6.2%, the highest level in over two decades. In 2023, Inflation is expected to decline to 4.1%. on the job front, unemployment is estimated to remain at 11.1% and may rise to 11.7% next year.

IMF report pointed out that the global economy is going through challenging times with the war in Ukraine and the lingering effects of the Pandemic blocking economic growth. Inflation has surged to the highest level in several decades. The global growth forecast is around 3.2% in 2022, and may drop to 2.7% in 2023.

Also read;

https://trendsnafrica.com/agrifood-business-could-be-the-cornerstone-of-moroccos-economy-with-the-right-initiatives-imis-study/

https://trendsnafrica.com/robust-growth-in-moroccos-tourism-revenues/

https://trendsnafrica.com/moroccos-growth-in-2022-to-dip-far-below-the-initial-estimate-due-to-inflation-and-climatic-conditions/