The Moroccan economy is poised for a significant upturn in 2025, with Finance Minister Fouzi Lekjaa predicting a 4.6% growth rate for the year. The projected growth is fueled by a global economic recovery and domestic expansion efforts.
Lekjas emphasized the importance of gradually reducing the budget deficit to sustain reform initiatives and build a financial cushion against potential economic shocks. The government aims to lower the deficit to 3.5% next year and further decrease it to 3% in 2026 and 2027.
Despite challenges like consecutive years of drought affecting the agriculture sector, Morocco achieved a 3.4% growth rate last year, driven by industrial and service sector recoveries. The government targets an average annual growth rate of over 4% for the next three years.
However, achieving this growth rate hinges on global economic stability and a favorable agricultural season. The economy is still recovering from drought effects, leading to a downward revision of the 2023 growth forecast.
Officials are optimistic that inflation will moderate to 1.5% this year due to easing global price pressures. Bank Al-Maghrib recently reduced its benchmark interest rate, reflecting a changing economic landscape.
The 4.6% growth projection for 2025 signals renewed confidence in Morocco’s economic future. Meeting this target will require careful macroeconomic management, continued reforms, and favorable external conditions. Challenges like unemployment, income inequality, and climate change remain, necessitating government action for sustainable and inclusive growth.
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