MOROCCO’S ECONOMIC PERFORMANCE IN 2023 AND OUTLOOK FOR 2024

The Moroccan economy expanded by 3.4 percent in 2023 in spite of global economic challenges as well as an increase in inflation as well as the Al-Haouz earthquake. The growth was fueled by the rise in tourism, a strong manufacturing exports, and a rise in consumption by the private sector, aided by a sound macroeconomic strategy. International direct investment (FDI) flow has grown and the deficit in current accounts is at the lowest since 2007. But there are still challenges the per-capita consumption rate has just returned to pre-pandemic levels, and an innovative social assistance program has been implemented to help the most vulnerable households. It is anticipated that growth will slow to 2.9 per cent in 2024 due to the weakening of the agricultural sector. However, non-agricultural GDP will likely to stay constant. 

The report’s chapter that was developed in collaboration together with Moroccan Observatory of Small and Medium Enterprises and the Moroccan Observatory of Small and Medium Enterprises, is dedicated to employment creation within business in the private sector. The report emphasizes the significance of data from the microeconomic sector for determining policy as well as the necessity of an entrepreneurial environment that promotes innovation, as well as the shift of resources to higher-performing companies.