The International Monetary Fund praises the country’s economic policy management and economic resilience but warns about regional instabilities and climate challenges.
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The Arab country’s GDP grew specially because non-oil activities. The manufacturing sector performed well, as did the financial and insurance sectors, professional, scientific and technical activities, transportation and storage, and information and communication.
The central bank bumped its 2024 economic growth forecast despite the historic floods in Brazil’s southernmost state of Rio Grande do Sul that caused a significant downturn.
The International Monetary Fund (IMF) said that notwithstanding the pickup in growth, continued efforts to address water scarcity and enhance governance are essential to bolster Morocco’s growth.
All sectors of the economy grew last year, particularly agriculture, which posted a 15.1% expansion from 2022.
GDP growth prospects were published on “World Economic Situation and Prospects 2024” report, which also forecasts challenges for the growth of Africa as a whole.
Projections by the International Monetary Fund also estimate a deficit for 2024 due to the slowdown in economic activity and increased public spending.
The IMF expects a GDP growth rate lower than in 2022 but still at a “strong” pace. Inflation is slowing down and international reserves are “comfortable.”
According to the Fund, the North African country is expected to close the year with 9.2% inflation, pressured mainly by food prices.
Data from government statistics agency IBGE showed that from July to September services and industry grew by 0.6% each, while the agricultural sector contracted by 3.3% from the second quarter.
This Monday (3), the Brazilian Central Bank released the financial market’s new growth estimate for the country’s GDP, 2.19% for 2023. Last week’s projection was at 2.18%.
MENA economies are expected to grow by 2.2% this year, the World Bank said. The institution forecasted the highest growths for Djibouti, Egypt and Qatar but a slowdown for Syria, Iraq, Lebanon and Yemen.
The country’s economy grew last year compared to 2021, mainly driven by services and industry. Agriculture was down.
After a mission to the country, International Monetary Fund staff assessed the Lebanese economic situation and pointed out actions that could bring an upturn.
