Morocco Expects Economy to Grow by 3.7 Percent in 2024
The forecast could be revised downwards upon further recession of the global economy, particularly due to the impact of the Russia-Ukraine conflict on commodity prices and the global supply chain, as well as tighter monetary conditions, Fouzi Lekjaa, the Moroccan minister delegate in charge of the budget, was quoted as saying.
According to forecasts by the 2024-2026 budget program, Morocco's economy expects to grow by 3.7 percent, 3.6 percent and 4 percent, respectively, in the three years to come, Lekjaa added.
However, these projections were made on the premise that the country's inflation must be limited to 3.4 percent in 2024 and a lower rate of 2 percent in both 2025 and 2026, the finance official noted.
Meanwhile, he confirmed that thanks to the government's emergency measures in line with a restrictive monetary policy, there has been a downward trend in inflation and the trend is set to continue, which has been reflected in the decrease in raw material prices and sea freight costs, as well as the easing of supply chains.
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