Rabat – Morocco’s economy demonstrated resilience in 2023 despite a challenging global landscape marked by inflation, drought, and a devastating earthquake, according to a report presented to King Mohammed VI on Monday.
Central Bank Governor Abdellatif Jouahri outlined the country’s economic performance during a meeting with the King at the Royal Palace in Tetouan.
While acknowledging the difficulties facing the Moroccan economy, Jouahri highlighted a 3.4% growth rate, a decline in inflation from a peak of 10.1% in February to an annual average of 6.1%, and a narrowing of the current account deficit to 0.6% of GDP.
But the labor market remained a concern, with a loss of 157,000 jobs primarily attributed to the agricultural sector.
Jouahri emphasized the government’s efforts to address the economic fallout from the earthquake, citing the creation of a special fund for disaster management. He also pointed to the country’s progress in fiscal consolidation, with the budget deficit reduced to 4.4% of GDP.
Morocco’s strategic location and ongoing reforms have positioned the country as a stable and attractive investment destination, according to the Central Bank governor.
The nation hosted the annual meetings of the World Bank and International Monetary Fund last October, a testament to its growing global influence.
Looking ahead, Jouahri outlined key challenges and opportunities. He stressed the importance of social dialogue, pension reform, and transitioning to a green economy.
The governor also highlighted the need for increased digital infrastructure and a supportive environment for fintech innovation.
To achieve these goals, Jouahri emphasized the critical role of public-private partnerships and foreign investment.
He underscored the need to maintain macroeconomic stability, invest in human capital, and improve the business environment.
