Morocco's economy seen to grow by 3% in 2023, 3.1% in 2024 – IMF

WASHINGTON – Morocco's economy is expected to grow by 3 percent in 2023, according to the International Monetary Fund (IMF).

The kingdom's gross domestic product (GDP) is expected to increase by 3 percent in 2023 and by 3.1 percent in 2024, said the IMF in its "World Economic Outlook" report, published Tuesday.

Inflation is expected to reach 4.6 percent this year before falling to 2.8 percent in 2024, the source added.

The unemployment rate in Morocco would reach 11 percent this year and 10.5 percent in 2024, the report pointed out.

The current account balance is expected to decline by 3.7 percent in 2023 and by 3.5 percent in 2024, the source added.

Global growth will bottom out at 2.8 percent this year before rising modestly to 3 percent in 2024. Global inflation will decrease, although more slowly than initially anticipated, from 8.7 percent in 2022 to 7 percent this year and 4.9 percent in 2024. (MAP)