The Bank of Morocco is counting on the growth of the national economy

HIBAPRESS-RABAT

The Bank of Morocco expects national economic growth to remain limited to 2.1 percent in 2024 before accelerating to 4.3 percent in 2025.

At the end of its first board meeting of the current year, the Bank of Morocco indicated that “economic growth should have approached 3% in 2023, and that it should remain limited to 2.1% in 2024 before accelerating to 4.3% in 2025.”

The BAM emphasizes that the agricultural season was characterized by unfavorable climatic conditions, with low rainfall and uneven distribution in space and time, which affected the areas sown with cereals. This area is likely to amount to around 2.5 million hectares, compared to around 3.7 million hectares a year earlier:

Thus, according to the expectations of the Bank of Morocco, the cereal harvest will reach 25 million quintals, compared to 55.1 million quintals a year earlier. In this context, it is expected that agricultural value added will decrease by 6.4 percent in 2024 before increasing by 12.8 percent in 2025, assuming a return to an average cereal production of 55 million of quintals.

As for non-agricultural activities, their growth rate should improve from 2.6% in 2023 to 3% in 2024 then to 3.5% in 2025, due in particular to the expected dynamism of investments linked to the various projects which have been launched or “scheduled”.