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The Moroccan economy presents a mixed picture in 2024, with non-agricultural sectors maintaining robust performance while agriculture grapples with drought impacts. Recent reports indicate strengthening domestic demand, though unemployment figures have seen an uptick. The Bank Al-Maghrib's decision to reduce the policy rate in June 2024 came as inflation pressures eased.
According to International Monetary Fund (IMF) assessments, Morocco's fiscal performance aligns with 2024 budget targets, as increased current spending has been counterbalanced by stronger-than-anticipated revenue streams. The country's external position remains stable, with tourism revenue, goods exports, and remittances keeping the current account deficit contained.
On the climate front, Morocco continues its environmental adaptation efforts under the Resilience and Sustainability Facility arrangement. The country is channeling significant investments into water infrastructure to combat scarcity issues, though these require complementary demand management reforms.
The power sector's ongoing liberalization efforts aim to boost private sector participation in renewable energy projects. This transition is expected to reduce fuel import dependency, enhance business competitiveness, and generate employment opportunities while supporting Morocco's Nationally Determined Contribution targets.
