Morocco’s economy is projected to grow by 2.9% in 2024, fueled by a resurgence in manufacturing and tourism, as stated by the European Bank for Reconstruction and Development (EBRD). Despite facing adverse weather conditions, Morocco’s economy has shown resilience, with a strong performance expected in manufacturing and tourism due to export growth and robust domestic demand.
Inflation concerns have eased, with the consumer price index dropping to 1.3% in July 2024, mainly influenced by lower food and energy costs. The Moroccan government’s efforts in fiscal consolidation have helped reduce the budget deficit to 4.3% of GDP, supported by key sectors like tourism, remittances, and exports.
The EBRD predicts a 2.1% economic growth in the first half of 2024 for the South and East Mediterranean region, with a full-year forecast of 2.8%, reflecting challenges such as energy disruptions and ongoing conflicts. The bank releases its Regional Economic Outlook biannually, providing a comprehensive analysis of economic conditions and growth projections for the countries it operates in.