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World Bank Forecasts 3.2% Economic Growth for Morocco in 2022

The GDP growth in 2023 is expected to increase slightly to reach 3.5%.

13 Jan 2022

Rabat - The World Bank’s latest reporting forecasts Morocco’s GDP to grow by 3.2% in 2022.

The World Bank forecast for Morocco’s economy was part of the institution’s Global Economic Prospects report.

“In Morocco, the output is expected to expand by 3.2 percent in 2022, slowing from the previous year’s rebound, as agricultural output returns to historical averages after the extraordinary performance of the primary sector in 2021,” according to the World Bank.

The report, however, outlines that debt is one of the major challenges Morocco and other countries in the region face.

The report shows that the ability for some economies to “reverse the projected slowdown in potential growth is at risk by high levels of government debt.”

The bank cited Morocco, among countries facing debt challenges, along with Bahrain, Egypt, Jordan, Lebanon, Oman, and Tunisia.

'High debt levels undermine the effectiveness and ability to implement countercyclical policy, the ability to increase investment in human and physical capital, and private sector confidence,” the report said.

Recent World Bank data showed that Morocco’s external debt increased from $55 billion in 2019 to $65.68 billion in 2020.

The number represents a 19% year-to-year increase.

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