IMF Chief impressed by economic progress in Morocco, a shining example of Africa’s greatest potential

The Moroccan economy has made remarkable progress and impressive export growth, particularly in industrial sectors such as automotive and renewable energies, said Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva.

“Morocco has exported 700,000 cars, which shows the country’s upward trend in this highly competitive sector. The North African Kingdom also manufactures aircraft parts and has become a leader in renewable energies”, the IMF Chief told Saudi “Asharqbusiness” newspaper.

Last January, the Fund projected Moroccan economy to grow by an average of 3.2% over 5 years thanks to the structural reforms that will help offset the negative impacts of Covid-19 pandemic and the Russian-Ukrainian crisis.

Morocco’s GDP, which slowed to 1.2 pc in 2022, is expected to accelerate to 3 pc in 2023, mainly driven by the rebound in agricultural output and its positive spillovers to the rest of the economy, according to the IMF forecasts.

“Morocco is a shining example of Africa’s greatest potential”, said Mrs. Kristalina, who visited the NOOR Ouarzazate solar complex, one of the largest concentrated solar power plants in the world. “I was impressed by Morocco’s engineering and development. I have no doubt that this country has a bright future”, she stressed.

During her visit to Morocco, part of the preparations for the upcoming annual meetings of the World Bank Group and the IMF due in Marrakech in October, she met several Moroccan government officials and took part in the high-level policy round-table on Central Bank Digital Currencies (CBDCs), organized by Bank Al-Maghrib and the IMF.