Morocco

2024 Article IV Consultation, Review Under the Flexible Credit Line Arrangement, First Review Under the Resilience and Sustainability Arrangement, and Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Morocco

Morocco: 2024 Article IV Consultation, Review Under the Flexible Credit Line Arrangement, First Review Under the Resilience and Sustainability Arrangement, and Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report
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Volume/Issue: Volume 2024 Issue 099
Publication date: May 2024
ISBN: 9798400273551
$20.00
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Topics covered in this book

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Labor , Inflation , Money and Monetary Policy , Public Finance , International - Economics , Agribusiness , RSF reform , investment project , RSF review , RSF arrangement , accounts payable , fcl agreement , climate finance strategy , General government debt , resilience of the economy , Inflation , Central Bank digital currencies , Agricultural sector , Global , Maghreb , Africa , Sub-Saharan Africa

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Summary

The Moroccan economy once again showed resilience to negative shocks in 2023, as economic activity accelerated, inflation slowed, and the current account deficit narrowed despite headwinds from water scarcity (which caused a severe loss of jobs in the agricultural sector), the September 2023 earthquake, and lower growth in the Euro Area. The ambitious infrastructure plan announced by the authorities (including in water and energy sectors) is expected to boost investment and growth in the next few years, with the current account gradually converging towards the medium-term norm. The fiscal deficit in 2023 was below the level projected in the Budget and the authorities reiterated their commitment to a gradual fiscal consolidation over the next three years. Implementation of the structural reform agenda has continued, particularly regarding the overhaul of social protection, health care, and education systems.

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