São Paulo – One challenge for the growth and development of Morocco’s economy is the water scarcity. Besides addressing it, the North Africa nation needs to implement other measures for its gross domestic growth to grow in a continued, sustainable fashion. So said the International Monetary Fund (IMF) in a report published on Wednesday (1) following a consultation with local authorities in late March.
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According to the IMF, the Moroccan GDP growth is expected to gradually pick up to 3.5% over the next few years, boosted by the continued implementation of the structural reform agenda.
Morocco: Commitment to reforms
The IMF believes the Arab economy continued to show resilience despite water scarcity, the September 2023 earthquake, and “challenging” external conditions. “Continued efforts to reduce dependence on fossil fuels, address water scarcity, enhance governance, and tackle gender inequality are essential to bolster Morocco’s potential growth”, the IMF said.
The document welcomed the ongoing work related to the national water program and the plans to achieve zero net emissions by 2050. The IMF also commended the local authorities’ commitment to implement structural reforms in health and education.
According to the indicators published by the IMF, in 2022 the Moroccan population added up to 36.7 million people, and the country’s per capita GDP was at USD 3,500 – Brazil’s is USD 11,300, according to the IMF. Morocco’s main exports are phosphate and derivates, of which Brazil is a major buyer, and automobiles. Its key export markets are France and Spain.
Translated by Guilherme Miranda
