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

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.

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