Morocco’s economy is expected to experience growth in 2023, according to the 2023 Economic Budget Forecast by the High Commission for Planning (HCP). The forecast predicts a growth rate of 3.3%, which is a significant increase from the 1.3% growth rate experienced in 2022. This growth is expected to be driven by various factors such as the development of key sectors of the economy, as well as a focus on fostering a conducive environment for investment and business.
The High Commissioner for Planning, Ahmed Lahlimi Alami, highlighted in his speech that the economy will face certain challenges in the coming year, such as the potential recession of major trading partners and a tightening of international financial conditions.
Taking into account sectoral developments […] the gross domestic product (GDP) should grow by about 3.3% in 2023, after 1.3% in 2022.
Ahmed Lahlimi Alami – High Commissioner for Planning
Furthermore, Lahlimi Alami noted that world trade is expected to slow down in 2023, showing an increase of only 1.6% compared to the 4% growth experienced in 2022. This slowdown in world trade will likely result in a decrease in demand for Moroccan products and services. As a result, the growth rate of the world demand addressed to Morocco is forecasted to decline to 3.2% in 2023, compared to 7.6% in 2022.
Despite these challenges, the forecast suggests that the Moroccan economy is well-positioned to continue its growth trajectory in 2023. The government’s focus on promoting investment and business, as well as the development of key sectors, is expected to drive economic growth and contribute to the overall well-being of the nation’s citizens. The HCP’s forecast serves as a reminder that the economy is constantly evolving and that the government must remain vigilant in its efforts to foster sustainable growth and development.
