Bank Al-Maghrib’s Economic Forecast

Bank Al-Maghrib forecasts that national economic growth will remain limited to 2.6% in 2024, following 3.4% in 2023. However, growth is expected to accelerate, reaching 3.9% over the next two years.

According to a statement released after the fourth and final quarterly meeting of the Council for 2024, non-agricultural growth is anticipated to remain stable at approximately 3.5% in 2024, before improving to 3.6% in 2025 and 3.9% in 2026.

Regarding the agricultural added value, the report notes that due to unfavorable weather conditions during the previous farming season, a decline of 4.6% is expected this year. However, a recovery is anticipated with an increase of 5.7% in 2025 and 3.6% in 2026, based on an assumed cereal harvest of 50 million quintals, equivalent to the average of the past five years.