Morocco's GDP Growth Rate Expected to Rise to 3.2% in 2023
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- 09 May 2023
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According to a recent report by Credit Agricole's Economic Research, Morocco's economic growth is expected to receive a significant boost this year. The report suggests that the country's gross domestic product (GDP) growth will rise to 3.2% in 2023, up from 1.3% in 2022. This projection is a positive sign for the country, which suffered from a painful recession in the agricultural sector last year due to a historic drought.
The report notes that non-producing countries in the region will experience different GDP growth rates in 2023, with Israel and Tunisia seeing a slowdown compared to 2022. In contrast, Egypt, Iran, and Jordan are expected to remain relatively stable.
Looking at the MENA region as a whole, the report forecasts a significant slowdown in economic growth from 5.4% in 2022 to 3% in 2023. This decrease is due to an increase in oil GDP in 2022 for oil-producing countries, which capitalized on sales volumes that were significantly higher than in 2021, with barrel prices exceeding $100.
Despite significant challenges such as drought and inflation, Morocco has proven its economic resilience. Allianz Trade, an international trade credit insurance company, forecasted in an April report that Morocco's economic growth would reach +3% in 2023, and food-related inflationary pressures would ease.
Similarly, the World Bank has released a report projecting Morocco's economic growth to reach 3.5% in 2023 and 3.7% in 2024. However, the World Bank has also forecasted a 3.5% slowdown in the MENA region in 2023 as the boost from earlier increases in oil production and recovery in services following the pandemic reopening fades.
In conclusion, Morocco is poised for significant economic growth in 2023, despite the challenges it has faced. As a country that has demonstrated economic resilience, it is an example of the power of perseverance and effective economic management.
