The report's data shows that Morocco has demonstrated its economic resilience despite major challenges such as drought and inflation.

Morocco is expected to see a boost in its economic growth this year, according to a recent report by the Credit Agricole Economic Research Service. The report forecasts a growth of 3.2% in the country's gross domestic product (GDP) in 2023, compared to 1.3% in 2022.

"The growth of the gross domestic product (GDP) will increase quite strongly in Morocco," says the report, recalling that the country suffered a painful recession in the agricultural sector last year, aggravated by a historic drought.

The report also highlighted that non-producing countries will experience different GDP growth rates in 2023, with Israel and Tunisia experiencing a slowdown compared to 2022, while Egypt, Iran and Jordan are expected to remain relatively stable.

Looking at the MENA region as a whole, the report forecasts growth of 3% in 2023, a significant slowdown from 5.4% in 2022.

The report suggests that the decline is due to an increase in oil GDP in 2022 for oil-producing countries, which capitalized on sales volumes that were significantly higher than in 2021, with prices per barrel above $100.

The report's data shows that Morocco has demonstrated its economic resilience despite major challenges such as drought and inflation.

In an April report, Allianz Trade, an international trade credit insurance company, forecast that Morocco's economic growth would reach +31TP3Q in 2023 and that food-related inflationary pressures would subside.

The World Bank also published a report on Morocco's economic growth, projecting that the North African country's economy will grow by 3.5% in 2023 and 3.7% in 2024.

Meanwhile, the World Bank forecasts a slowdown to 3.5% in the Middle East and North Africa region in 2023, as the momentum from previous increases in oil production and the recovery in services after the pandemic reopening.

Source: MoroccoWorldNews