IMF revises Morocco's growth forecast upwards to 3.6% in 2024

The International Monetary Fund (IMF) forecasts that Morocco will grow by 3.6% in 2024, supported by reconstruction efforts after the earthquake that struck the Maghreb country on 8 September and caused nearly 3,000 deaths and left tens of thousands of people homeless. 

Speaking to the press on Tuesday in Marrakech to present the IMF's world economic outlook report, the head of the IMF's research department, Daniel Leigh, said that voluntary contributions amounting to 1 % of gross domestic product (GDP) will help finance reconstruction efforts. 

Leigh pointed out that growth forecasts have been revised upwards, since after standing at 1.3 % in 2022, the Maghreb country will grow by 2.4 % in 2023 and 3.6 % in 2024. 

The economist indicated that inflation in Morocco will end up at 4 % in 2023. 

"There was a very strong six months before the earthquake, despite the drought there has been a normalisation of agricultural production and thanks to the good performance of the tourism sector," he said. 

Several mountainous Atlas provinces were hit by a powerful 6.8 magnitude earthquake on 8 September, killing nearly 3,000 people, injuring more than 5,500 and leaving tens of thousands homeless. 

Morocco has allocated some 11 billion euros for post-earthquake reconstruction.