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Morocco’S Economic Resilience: Navigating Growth Amidst Global Challenges
(MENAFN- The Rio Times) Morocco's economy demonstrates remarkable resilience in the face of global headwinds. The OECD Economic Survey projects GDP growth of 3.5% in 2024, increasing to 4.0% in 2025.
This growth persists despite challenges like COVID-19, persistent droughts, and the recent Al Haouz earthquake. Tourism has rebounded strongly, with 14.5 million visitors in 2023, surpassing 2019's pre-pandemic levels by 11.5%.
Manufacturing exports, particularly in the automotive and aeronautics sectors, continue to drive growth. Foreign direct investment inflows have increased, reflecting Morocco 's economic openness.
Macroeconomic stability is evident. Inflation is expected to decrease from 6.1% in 2023 to 2.3% in 2024. The budget deficit is narrowing, with public debt manageable at around 70% of GDP.
These indicators suggest sound economic management amid global uncertainties. However, significant challenges persist. Youth unemployment remains high, and female labor participation is low.
The informal sector, employing about 80% of the workforce, hinders productivity and job quality. Climate change and water scarcity pose long-term threats to economic sustainability.
However, Morocco has launched ambitious reforms to address these issues. The new Investment Charter aims to boost private sector investment.
Social protection and health insurance expansion efforts are underway. Morocco targets a 45% reduction in carbon emissions by 2030 and net-zero emissions by 2050.
The OECD emphasizes continued reforms to unlock Morocco's full potential. Priorities include boosting productivity, tackling labor market challenges, and advancing climate transition.
In short, these efforts are crucial for accelerating growth and improving living standards for all Moroccans.
As Morocco navigates its economic journey, its ability to balance growth with social and environmental concerns will shape its future. The country's story exemplifies resilience and adaptability in a rapidly changing global economy.
This growth persists despite challenges like COVID-19, persistent droughts, and the recent Al Haouz earthquake. Tourism has rebounded strongly, with 14.5 million visitors in 2023, surpassing 2019's pre-pandemic levels by 11.5%.
Manufacturing exports, particularly in the automotive and aeronautics sectors, continue to drive growth. Foreign direct investment inflows have increased, reflecting Morocco 's economic openness.
Macroeconomic stability is evident. Inflation is expected to decrease from 6.1% in 2023 to 2.3% in 2024. The budget deficit is narrowing, with public debt manageable at around 70% of GDP.
These indicators suggest sound economic management amid global uncertainties. However, significant challenges persist. Youth unemployment remains high, and female labor participation is low.
The informal sector, employing about 80% of the workforce, hinders productivity and job quality. Climate change and water scarcity pose long-term threats to economic sustainability.
However, Morocco has launched ambitious reforms to address these issues. The new Investment Charter aims to boost private sector investment.
Social protection and health insurance expansion efforts are underway. Morocco targets a 45% reduction in carbon emissions by 2030 and net-zero emissions by 2050.
The OECD emphasizes continued reforms to unlock Morocco's full potential. Priorities include boosting productivity, tackling labor market challenges, and advancing climate transition.
In short, these efforts are crucial for accelerating growth and improving living standards for all Moroccans.
As Morocco navigates its economic journey, its ability to balance growth with social and environmental concerns will shape its future. The country's story exemplifies resilience and adaptability in a rapidly changing global economy.
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