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Weekly highlights

Growth: The Morocco pack

M OROCCO’S experience, the Sovereign, which specifies the
ambitions, development objectives
progress made and the
and levers for change that will unleash
challenges ahead... All
this is recorded in a new energies and accelerate our country’s
book prepared by the IMF on “Moroc- march towards progress and prospe-
co’s Quest for Stronger and more In- rity”.
clusive Growth”. The country’s story Since 2021, a series of reforms has
could even be cited as an example for been launched to strengthen institu-
many developing economies in their tional cohesion and social protection
quest to lay the foundations for macro- systems, with a particular focus on hu-
economic stability. A difficult stability man capital through the strengthening
in an international environment with of the healthcare system, improving
complex challenges: worsening glo- the quality of the education system,
bal warming, pandemics, geopolitical and promoting scientific research and
conflicts, and inflation. This highlights innovation. “A society where citizens
the important role of international coo- are able to take their future into their
peration, and the need for multilateral At a packed conference dedicated formation of our economy, and have own hands, especially young people
development banks to adapt. to the launch of the IMF’s book on enabled the Kingdom to consolidate and women, holds the key to econo-
“This adaptation must focus in Morocco, Aziz Akhannouch empha- its resilience and preserve its macroe- mic growth and inclusion”, maintains
particular on providing greater flexi- sized that the book “illustrates the conomic balances”, says the Head of Akhannouch.
bility in the aid granted to countries Kingdom’s determination to achieve Government, adding that «Morocco The growth to which Morocco
facing different types of crisis, in terms ambitious goals in terms of econo- stands at a decisive crossroads in its aspires must be not only inclusive, but
of advice and financial support, emer- mic and social development”. Over history. This pivotal moment evokes also sustainable and respectful of the
gency facilities and support for res- the past twenty years, the country has a period of introspection, which we environment. In this sense, Morocco
toring macroeconomic equilibrium”, undertaken ambitious and proactive are determined to take full advantage has a head start in the development of
maintains Aziz Akhannouch, Head of reforms. “They have laid the founda- of. We are committed to implemen- renewable energies.o
Government. tions for a profound and lasting trans- ting the strategic vision initiated by Khadija MASMOUDI

Economic growth

IMF forecasts 2.4% growth for Morocco in 2023

T HE International Monetary good half-year before the earthquake.
Fund has just delivered in
According to the IMF, the country’s
Marrakech a detailed analysis
inflation rate should fall from 6.6% in
of the World Economy Out- 2022 to 6.3% in 2023, then to 3.5%
look (WEO), and for Morocco in par- in 2024, while the unemployment
ticular. The report was presented this rate should rise from 11.8% in 2022
week in the “Ochre City” by experts to 12% in 2023, before declining to
from the International Monetary Fund 11.7% in 2024. In the Middle East
(IMF) on the sidelines of the WB/ and North Africa (MENA) region,
IMF Group Annual Meetings, which growth should slow from 5.6% in
are continuing their proceedings at 2022 to 2% in 2023, before reboun-
Bab Ighli. For Morocco, economic ding to 3.4% in 2024, again according
growth should rise from 1.3% in 2022 to the international financial institu-
to 2.4% in 2023, before picking up to tion. Overall, according to its latest
3.6% in 2024, said IMF economists World Economic Outlook (WEO)
at a press conference dedicated to the update (October), the IMF estimates
presentation of the World Economic that global growth will slow from
Outlook report. This performance of 3.5% in 2022 to 3.0% in 2023 and
the national economy is driven by 2.9% in 2024, well below the his- IMF press conference: In Marrakech, the IMF presented the latest update (October) of its
a “very strong” tourism sector and torical average (2000-19) of 3.8%. World Economic Outlook (WEO)
a “stable” agricultural sector des- In the advanced countries, growth is
pite the drought, said Daniel Leigh, expected to slow from 2.6% in 2022 decline slightly, from 4.1% in 2022 emerging and developing countries,
head of the World Economic Stu- to 1.5% in 2023 and 1.4% in 2024, as to 4.0% in 2023 and 2024. «Econo- and disparities are widening between
dies division at the IMF’s Research the effects of tighter monetary policy mic activitý is still far from having regions «, says Pierre-Olivier Gourin-
Department. Leigh recalled that the begin to be felt. Emerging and deve- returned to the trajectory it followed chas, chief economist at the IMF. o
Moroccan economy had recorded a loping countries should see growth before the pandemic, particularly in B.B.

Friday 13 October 2023