In 2018, the Moroccan economy is estimated to have grown by 3.2%, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday. “Robust agricultural production and tourism have helped support growth of Morocco”, the report pointed out.
According to the World Bank’s medium-term growth forecasts, Morocco’s economy is expected to grow by 2.9% in 2019 and by 3.5% in 2020 and 2021. Investment will be further supported by reforms that strengthen the business climate and a pickup in domestic demand, the source said, noting that tourism is envisioned to continue supporting activity in Morocco.
Growth in the MENA region is estimated to have improved to 1.7% in 2018, the World Bank said.
According to the report, regional growth is projected to rise to 1.9% in 2019. “Growth among oil importers has been supported by policy reforms, contributing to greater capacity to innovate”, it said, adding that the region continues to tackle long-term challenges, such as high youth unemployment and electricity access, through structural adjustment programs. Global growth is expected to slow to 2.9% in 2019, the report said, noting that international trade and investment are moderating, trade tensions remain elevated, and financing conditions are tightening.