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The Moroccan economy is projected to experience a growth rate of 3.9% in 2025, following a 3.2% increase in 2024, according to Roberto Cardarelli, the IMF mission chief in Morocco. Cardarelli led an IMF staff team from January 27 to February 7 for the 2025 Article IV consultations.
«Our forecasts indicate that economic activity will have grown by 3.2% in 2024 and is expected to accelerate to 3.9% in 2025», Cardarelli stated in a release on the IMF website. He attributed this anticipated growth to a rebound in agricultural production following recent droughts and sustained growth in the non-agricultural sector, driven by strong domestic demand.
Cardarelli highlighted that this stronger growth should reduce the balance of payments current account deficit to around its 3% norm from its current low levels. He also noted that inflation is expected to stabilize at approximately 2%.
Despite the positive outlook, Cardarelli acknowledged the presence of balanced risks, citing significant uncertainty due to geopolitical tensions and climate change impacts.
«With inflation expectations anchored around 2% and minimal signs of demand pressures, the current broadly neutral monetary policy stance is appropriate», Cardarelli asserted. He emphasized that the IMF staff concurs with Bank Al-Maghrib that any future adjustments to the policy rate should be guided by data-driven insights.
