Wednesday, May 29, 2024
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In the face of daunting challenges like severe drought and inflation, Morocco has exhibited unwavering economic resilience, as revealed by a recent report from Credit Agricole’s Economic Research. The study forecasts an impressive surge in the country’s gross domestic product (GDP) growth rate, projecting a remarkable rise to 3.2% in 2023, compared to a meager 1.3% in 2022.

Highlighting the nation’s remarkable rebound, the report emphasizes Morocco’s arduous struggle against a distressing recession in the agricultural sector, further exacerbated by an unprecedented drought experienced last year.

Additionally, the report sheds light on the varying GDP growth rates anticipated among non-producing countries in 2023. While Israel and Tunisia face a deceleration in growth compared to 2022, Egypt, Iran, and Jordan are expected to maintain relative stability.

Taking a broader perspective on the MENA region, the report projects a notable slowdown in growth to 3% for 2023, a significant decline from the 5.4% recorded in 2022. This deceleration is attributed to a surge in oil GDP in 2022, driven by increased sales volumes and barrel prices surpassing $100 for oil-producing nations.

Reinforcing Morocco’s economic fortitude, the report’s data underscores the nation’s ability to overcome substantial hurdles, including enduring drought conditions and inflationary pressures.

Furthermore, a separate April report by Allianz Trade, a renowned international trade credit insurance company, supports the positive outlook for Morocco’s economic growth. It predicts a promising +3% growth rate for 2023 and a gradual alleviation of inflationary pressures in the food sector.

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