Rabat- The World Bank's latest Global Economic Prospects (GEP) report released on Wednesday stated that the Moroccan economy is expected to grow by 4.6 per cent in 2015.
Rabat- The World Bank’s latest Global Economic Prospects (GEP) report released on Wednesday stated that the Moroccan economy is expected to grow by 4.6 per cent in 2015.
Morocco showed one of the highest growth performances in the MENA region. The kingdom comes second only to Djibouti, which is expected to grow by 6.5 per cent this year.
In 2016-2017, growth of the Moroccan economy is expected to rebound to 4.8 and 5.0 per cent, respectively. According to the report, economic gains will be supported by a return to normal agricultural output and successful diversification reform efforts.
In contrast, growth slowed sharply in 2014 to 2.6 per cent due to a contraction in agricultural output and weak exports to the Euro area,” says the WB.
To maintain competiveness, Morocco’s central bank depreciated the Dirham by 4-8 percent against the U.S. dollar in the first three months of 2015.
Growth is expected to remain flat at 2.2 percent in 2015 in the MENA region.
For 2016-2017, growth is expected to reach 3.7 percent. This is mainly thanks to improving external demand, strengthening confidence in some oil-importing countries, and the assumed gradual stabilization of security.
The global economy is projected to grow by 2.8 per cent, lower than the 3 per cent forecast in January. It is expected to strengthen moderately to 3.2 percent in 2016-2017.
The WB said the emerging and developing countries will find it more expensive to borrow in the coming months.
“Lower prices for oil and other strategic commodities have intensified the slowdown in developing countries, many of which depend heavily on commodity exports,” says the WB.
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