Rachid Maboudi | 23:28 – May 3, 2025
In his Regional report on economic prospects in the Middle East and North Africapublished in May 2025, the International Monetary Fund (IMF) class Morocco Among the Intermediate income savings and Net energy importing countries region MENA (Middle East and North Africa). The institution welcomes Moroccan stability, carried by controlled growth, a wise monetary policy and a progressive recovery in public finances.
Gross domestic product growth (GDP) was amazed 3.9 % in 2024supported by invigorated domestic demand and a revival of public investments. For 2025, it is projected to 3,7 %carried by an export rebound and the pursuit of major sites.
“The budgetary discipline of Morocco contrasts with the regional ambient instability”note the report, highlighting the improvement of the primary budgetary balance of 1.4 % you pibthanks to a measured tax reform and a gradual reduction in consumption subsidies.
The Central Bank, in a precautionary softening movement, lowered its guiding rate of 50 basic points Since October, accompanying the decline in inflation to 3.6 % in 2024. The consumer price index should be established 3.4 % in 2025comforting the stability of anticipations and preparing the transition to an explicit targeting of inflation.
External accounts remain close to balance, with a marginal surplus estimated to 0.3 % you pib. This level results from a revival of exports, tempered by a sustained demand for imported equipment. The report provides for the renewal of this configuration in 2025.
Symbol of the confidence inspired by the macroeconomic policy of the kingdom, the authorities proceeded, in the first quarter of the year, to a fundraising in international markets in the amount of $ 2.2 billion in the United Statesthus reinforcing the foreign currency reserves. These now cover more than six months of importswell beyond the recommended safety threshold.
The IMF recommends continuing the in -depth reforms, in particular the abolition of unusual tax exemptions, the rigorous supervision of public – procivered partnerships and the simplification of the regulatory climate. It also underlines the need to guarantee diligent and fair trade justice, in order to attract long -term foreign capital.
“The solidity of Morocco is due to its ability to combine structural reforms and macroeconomic constancy”concludes the report.
