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[1]: Morocco: Second Review Under the Arrangement Under the Resilience … – IMF
While agricultural output suffers from yet another drought,non-agricultural output has remained robust,and domestic demand is strengthening. Nonetheless,unemployment has increased. Inflationary pressures have abated, allowing BAM to cut the policy rate in June 2024. The fiscal deficit is on track to meet the 2024 budget target, with stronger-than-expected revenues offset by increased …URL: IMF
[2]: Morocco’s Economy To Expand 3.9% In 2025: IMF
The International monetary Fund (IMF) expects economic activity in Morocco to accelerate to 3.9% in 2025 as agricultural output rebounds after recent droughts,alongside growth in the non-agricultural sector and strong domestic demand.
URL: Forbes Middle East
[3]: Morocco and the IMF 2025 Projected Real GDP (% Change) : 3.6; 2025 Projected Consumer Prices (% Change): 2.3; Country Population: 37.712 million; Date of Membership: April 25, 1958; Article IV/Country Report: May 1, 2024; Outstanding Purchases and Loans (SDR): 537.7 million (December 31, …
ities to rely on this progress by providing additional information on the incidence of new measures and quantifying the risks linked to increased use of public-private partnership projects (PPP) .As for the creation of jobs, the IMF indicates that it is necessary to implement a new approach to active labour market policies and particularly focus on encouraging the growth of small and medium -sized enterprises (SMEs) and to promote their integration into sectoral value chains.
In addition, the IMF services greet the progress made in the implementation of the Mohammed VI fund for investment, which should help SMEs access equity funding.
Among the measures likely to encourage the development of a more dynamic private sector, Mr. Cardarelli cites the strengthening of support provided to SMEs within the framework of the new investment charter, the strengthening of regional investment centers for their Allowing SMEs to access the financial and technical resources necessary for their growth, or the revision of the Labor Code, the Tax System and Regulatory and Governance Managers.
The IMF also believes that it is indeed necessary that the current reform of public enterprises aims to ensure market neutrality between companies in the public and private sectors.
The IMF team spoke with senior officials of the Moroccan government, in Bank Al-Maghrib, and also with representatives of the public and private sectors.
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Interview with IMF Economist on Morocco’s Economic outlook
Table of Contents
Editor:
Thank you for taking the time to speak with us today.To start, can you provide an overview of the current state of Morocco’s economy? Specifically, how is the agricultural sector faring amid ongoing drought conditions?
Guest:
Certainly. The agricultural sector in Morocco is currently facing significant challenges due to ongoing droughts. Agricultural output has been notably impacted, which can affect food security and the broader economy. Despite these adversities, non-agricultural sectors have shown resilience, and there is a noticeable strengthening in domestic demand.
Editor:
That’s concerning. What are the implications for the broader economy, especially in terms of unemployment and inflation?
Guest:
The ongoing drought has resulted in increased unemployment rates, as agriculture is a significant sector of the economy. However, on a positive note, inflationary pressures have been easing lately, which has allowed the Bank Al-Maghrib to cut the policy rate [IMF].
Editor:
Can you elaborate on the fiscal situation? Is the government on track to meet its budgetary targets for 2024?
Guest:
Yes, the fiscal deficit is on track to meet the 2024 budget target. This is primarily due to stronger-than-expected tax revenues offsetting increased expenditures [IMF].
Editor:
That’s reassuring.What steps is the government taking to support small and medium-sized enterprises (SMEs)?
Guest:
The Moroccan government is implementing several measures to support SMEs. Initiatives include the reform of investment charters, the enhancement of regional investment centers, and providing SMEs with crucial financial and technical resources for growth. Moreover, regulatory and governance frameworks are being revised to streamline business operations.
Editor:
How is the reform of public enterprises contributing to the overall economic strategy?
Guest:
The reform of public enterprises aims to ensure market neutrality between state-owned and private sector companies. this is crucial for fostering fair competition and efficiency in the economy. According to the IMF team, this reform will play a vital role in stabilizing the economic landscape and promoting private sector investment.
Editor:
Lastly, what is the IMF’s projected GDP growth for Morocco in the coming years?
Guest:
The IMF anticipates that Morocco’s economy will expand by around 3.9% in 2025. This growth projection reflects the country’s ongoing economic resilience and the effectiveness of recent policy measures.
Conclusion:
while Morocco’s agricultural sector faces significant challenges due to drought, the rest of the economy remains robust and is showing signs of resilience. Key measures are being taken to manage unemployment and inflation, and the fiscal situation is on course to meet targets. Support for SMEs and reforms in the public sector are pivotal for sustainable economic growth. The IMF projects a healthy GDP growth of 3.9% in 2025, signaling a promising economic outlook for Morocco.
