The World Bank (WB) has maintained its prospects for rising economic growth in Morocco for 2024 and 2025.
In its biannual update of Global Economic Prospects, the financial institution explained that GDP growth is expected to increase from 2.8% last year to 3.1% in 2024 and 3.3% in 2025.
These are the same forecasts announced in the report monitoring the economic situation in the Kingdom, published last November, in which the World Bank underlines that “Morocco has repeatedly demonstrated a strong capacity to respond effectively to shocks in recent years.”
In updated prospects for the Middle East and North Africa (MENA) region, the latest report emphasized that certain economies such as Morocco, Djibouti, and Tunisia could expect rising growth while warning about the impact of the “uncertainties” caused by the conflict in the Middle East on the regional and international economy.
The World Bank explained that this conflict increases forecast uncertainty, adding that in case “the conflict in the Middle East does not escalate,” growth in the MENA region is expected to recover to 3.5% in 2024 and 2025.
However, an escalation could present a severe threat to regional growth, adds the same source, noting that countries in the MENA region are also exposed to natural disasters and climate change.
At the global level, a third consecutive slowdown in 2024, with a growth rate projected at 2.4% compared to the previous 2.6%, which reflects “the lagged and ongoing effects of tight monetary policies to rein in decades-high inflation, restrictive credit conditions, and anemic global trade and investment,” affirms the Washington-based financial institution.