Morocco’s GDP is expected to reach MAD 1,925 billion in 15 years. However, the growth will not significantly change the Moroccan economy’s global ranking.
Rabat – The Centre for Economics and Business Research (CEBR), a UK-based center for economic forecasts and analysis, forecasts Morocco’s Gross Domestic Product (GDP) will reach MAD 1,925 billion (around $222 billion) by 2034.
CEBR published the data in December 2019, in their World Economic League Table, a table with economic forecasts for 193 countries.
The report expects Morocco to have an average GDP growth of 4.3% over the next five years, and then an average of 4.5% between 2026 and 2034.
“Morocco is a lower middle-income country and the fifth-largest economy in Africa. In 2019, the economy of Morocco has carried forward most of the momentum from the previous year, with GDP expected to have risen by 2.7%, down from 3.0% in 2018,” states the report.
The publication also takes note of Morocco’s unemployment rate and how it affects the country’s economy.
“The unemployment rate fell by 0.5 percentage points to 9.2% in 2019. While the reduction in unemployment will have aided consumer spending and overall GDP growth, the high rate of joblessness remains an area in need of improvement for the economy in the years ahead,” adds the document.
“The population has risen at a rate of just 1.0% per year since 2014, however, which means that per capita incomes have grown considerably in recent years,” concludes the report, highlighting the improvement in Moroccans’ quality of life.
The table included in the report shows that Morocco’s GDP grew from MAD 563 billion (around $76 billion) in 2004 to MAD 1,005 billion (around $114 billion) in 2019. Its global ranking, however, went from 56th in 2004 to 60th in 2019, and is expected to be 61st by 2034.
The global table shows the United States as the most economically powerful country in 2019, followed by China, Japan, Germany, and India. However, the report expects China to rise to the first position by 2034, followed by the US and India, and then Japan and Germany.
CEBR based its forecasts on International Monetary Fund (IMF) sources and used a range of forecasting techniques to come up with the report.