Morocco expects to accelerate economic growth amid signs of global recovery
Date
7/28/2024 6:08:41 AM
(MENAFN) Morocco is projecting an acceleration in its economic growth rate to 4.6 percent next year, up from an expected 3.3 percent this year, as signs of global economic recovery emerge and the domestic Economy continues to strengthen. During a parliamentary session, Economy and Finance Minister Nadia Fettah Alaoui highlighted that medium-term growth is anticipated to exceed the 4 percent target. However, she cautioned that these projections might be revised if global growth prospects, particularly in the European Union, worsen due to geopolitical tensions, or if the country experiences another year of drought, leading to below-average agricultural yields.
The Moroccan economy registered a growth rate of approximately 3.4 percent last year, driven by a recovery in the industrial and services sectors, despite a decline in agricultural activities. Successive years of drought have adversely affected agricultural production, which accounts for 14 percent of the gross domestic product. Minister Alaoui emphasized the importance of continuing efforts to gradually reduce the budget deficit to ensure the sustainability of public finances. She noted the significance of adopting an effective budget policy and maintaining control over the level of debt, considering these measures as fundamental to achieving financial sustainability.
Alaoui pointed out that Morocco's public budgets for the next three years aim to continue managing the budget deficit, with a goal of reducing it to 3.5 percent of GDP by 2025, and further to 3 percent in 2026 and 2027. This approach reflects Morocco's commitment to maintaining fiscal discipline and promoting long-term economic stability amidst a dynamic and challenging global economic environment.
MENAFN28072024000045015682ID1108490668
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.