OECD forecasts 3.5% growth rate for Morocco in 2023

The Organization for Economic Co-operation and Development (OECD) projected the Moroccan economy to grow by 3.5% this year and 3.7% next year, in an optimistic forecast that is closer to the government’s expectations of 4%.

In its recent projections, Morocco’s central bank sees the economy growing by 2.6% this year from 1.2% last year. The country’s statistics agency expects 3.3%, while the IMF and the World Bank have forecasted 3% and 2.5% respectively.

OECD’s economists said their forecast was based on an improvement in farm output following recent rainfall.

OECD also notes an improvement in exports and in tourist arrivals as well as a recovery of the economy from the impact of the pandemic and the slow-down of inflation triggered by the war in Ukraine.

It also expects another rate hike by the central bank to further stabilize the dirham which depreciated against the dollar and the euro earlier this year.