Despite the amount of Algerian gas, Morocco, thanks to Rabat's initiatives, will grow faster than its neighbours by 2023

Marruecos crece más, y más rápido que Argelia

AFP/FADEL SENNA - Cargo ship moored at the Tangier-Med port complex in Ksar Sghir, near the northeastern Moroccan port city of Tangier

World Bank forecasts for 2023 rank Egypt as the fastest growing economy in North Africa. Despite oil and gas, Algeria's economic growth will be lower than that of Morocco. Explanation: Inflation will be the biggest threat to the world economy in 2023. To the already depleted coffers of all national governments has been added an energy crisis following the COVID-19 crisis as a consequence of the Russian invasion of Ukraine. Since the Kremlin decided to go to war against Kiev just under a year ago, inflation has soared in much of the international community, challenging the economic stability of much of it. Factors affecting global economic growth. 

As is happening globally, Africa is not spared. In North Africa, for example, Egypt was forced to downgrade its growth forecasts. This is due to the recent devaluation, in which the Egyptian pound has lost more than 100 per cent against the US dollar. In this case, Morocco is trying to act quickly to soften the blow after the war. The North African country is expected to be the fastest growing country in the region. Due to the impact of past reforms, the World Bank announced a growth rate of 4.5% in 2023. 


Despite an inflation rate of over 21%, the land of the pharaohs can count on its tourism industry to maintain its attractiveness. To ease inflationary pressures, the World Bank report recommended that the Egyptian authorities "tighten fiscal and monetary policies to curb high inflation, while a large current account deficit will further restrain economic growth". With this report, Moroccans are right to expect a good economic year. In fact, the World Bank predicts that growth should accelerate "to 3.5% by 2023". "The agricultural sector is gradually recovering from last year's drought," it said. 

Public consumption is expected to partially offset low household consumption due to high inflation. By comparison, Algeria is projected to grow by 2.3% by 2023. Despite high oil and gas prices, the World Bank also expects growth in Algeria to slow to 1.8% in 2024. Unlike the Alawi kingdom, which expects growth to increase to 3.7% by 2024, the agency explained Algeria's situation with the high dependence of the country's economy on hydrocarbons. 


This scenario is no coincidence. In an increasingly geo-politicised world, every decision counts, and counts for a lot. While being on the agenda of the United States and Europe means global relevance, they can also be the opposite. We have seen how in one year Russia has gone from being a great power to an "international pariah". Actions at all levels have an impact. While Morocco and Algeria are not at their best, Rabat's approaches to Europe and the US to help modernise the country and achieve an enlightened future with more and more aid to citizens and thus to the economy, are bearing fruit.