Morocco’s planning agency revises downward 2024 growth due to drought

Morocco’s planning agency HCP said drought would ditch this year’s growth rate to 3% from an earlier estimate of 3.4%.

The rate is almost similar to that of the IMF, which expected the economy to grow 3.1% this year.

HCP expects the economy to recover to 3.4% in 2025, on the hypothesis of a close to average cereals harvest.

It said that non-farming sectors, especially manufacturing, would make up for the loss of the agricultural sector.

The World Cup and the post-quake reconstruction will give the construction sector a boost, it said.

Inflation would drop to 1.8% in 2024 from 6.8 in 2023 before increasing to its normal levels at 2.2% in 2025.