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Morocco’s economy is expected to witness a «modest decline» over the next fifteen years in its ranking in the World Economic League Table, conducted by the London-based Centre for Economics and Business Research (CEBR).
The independent consultancy, which measures the scorecard for economic activity for the current year and compare countries’ GDP in dollars both for the current year and for the fifteen years ahead, ranks the Kingdom among 193 other countries.
Through a list that stretches from 2004 to 2034, the World Economic League Table provides forecasts for said countries, determining the rankings of countries’ economies in the upcoming fourteen years.
According to the survey published in December 2019, CEBR indicates that Morocco’s economy was ranked 56th in 2004 among 193 other countries. From 2009 to 2014, the Kingdom fell to 62, after it was ranked 60th 2019.
A modest decline for Morocco's economy in the next 15 years
The center expects Morocco’s economy to remain 60th in the world during the period ranging between 2020 and 2024. «Over the next five years, the annual rate of GDP growth is set to accelerate to an average of 4.3% per year», the authors of the report wrote.
Moreover, they explain that «between 2026 and 2034 CEBR forecasts that the average rate of GDP growth will increase further to 4.5% per year».
However, forecasts show that over the next 15 years «Morocco will see a modest decline in its ranking in the World Economic League Table, rising from 60th place in 2019 to 61st in 2034».
In general, CEBR indicates that in 2019 Morocco’s economy «carried forward most of the momentum from the previous year, with GDP set to have risen by 2.7%, down from 3.0% in 2018».
Meanwhile, the center believes that although the unemployment rate fell by 0.5 percentage points to 9.2% in 2019, «the high rate of joblessness remains an area in need of improvement for the economy in the years ahead».
«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», CEBR added.
The same agency expects big changes for big economies like the United States, China and India in the upcoming 15 years. «The US is now expected to remain the world’s largest economy throughout the 2020s and is to be overtaken by China only in 2033, three years later than we forecast two years ago», it concluded.
