London - Morocco's economy is expected to grow by 2.9% in 2024, driven by a resurgence in manufacturing and tourism, according to the European Bank for Reconstruction and Development (EBRD). The EBRD's latest regional economic outlook, released on Thursday, highlights the resilience of Morocco's economy despite adverse weather conditions. 'The recovery in manufacturing and tourism, bolstered by strong export growth and robust domestic demand, is expected to underpin economic performance,' the EBRD noted. Inflation, which had been a concern, has eased significantly. The consumer price index fell to 1.3% in July 2024, largely due to a decline in food and energy costs. The Bank also praised the Moroccan government's steady fiscal consolidation, which has helped trim the budget deficit to 4.3% of GDP. This fiscal improvement was supported by lower imports and strong contributions from key sectors, including tourism, remittances, and exports of automobiles and electrical equipment, according to the London-base d institution. In the broader South and East Mediterranean region, the EBRD projects economic growth of 2.1% in the first half of 2024, down from 2.7% a year earlier. The full-year forecast for the region has also been revised downward to 2.8%, from 3.4% projected in May, reflecting slower-than-expected recoveries in private and public investment. Contributing factors include energy sector disruptions, severe drought, and the ripple effects of ongoing conflict in the Middle East. The EBRD publishes its Regional Economic Outlook at least twice a year, offering a detailed assessment of regional economic conditions and growth projections for the economies where the Bank is active. Source: Agence Marocaine De Presse
Related Posts
AfDB Approves pound 84 Mln to Develop Forest Areas in Morocco
Nairobi – The Board of Directors of the African Development Bank (AfDB) Group has approved financing of 84 million euros (pound M) for a project to support the inclusive and sustainable development of forest areas in Morocco.
The project aims to cont…
Casablanca Stock Exchange Closes Higher
Casablanca – The Casablanca Stock Exchange closed higher on Wednesday, with its flagship index, the MASI, advancing 0.64% to 14,088.04 points.
The MASI.20, an index of the 20 most liquid stocks, gained 0.48% to 1,138.32 points, while the MASI.ESG, a…
Namibia exports over 2 million kilogrammes of meat for July
The Meat Board of Namibia has reported that during July 2023, a total of 2 152 818 kilogrammes of meat and meat products were exported, while 500 475kg of meat and meat products were imported.The Meat Board reported in its latest monthly report releas…