COVID-19
The IMF is fully committed to supporting our member countries, particularly the most vulnerable; we have the tools to help; and we are coordinating closely with our partner institutions.
Real GDP growth accelerated to 4.8 percent in 2025Q1:Q3, supported by a rebound in agricultural output and a surge in large-scale infrastructure projects. Inflation remained low, allowing Bank Al-Maghrib to maintain a neutral policy stance after earlier rate cuts. The current account widened moderately as imports rose with investment, partly offset by buoyant tourism. Revenue overperformance has been used for additional spending on investment and transfers and a slightly faster than expected reduction in the overall fiscal deficit to 3.5 percent of GDP. Structural reforms are advancing in key areas, and implementation of health, education, and employment strategies is being accelerated. Morocco’s hosting of large international events (including the 2030 FIFA World Cup) and the upgrade to investment grade by S&P reflect strong investor confidence and open new opportunities for growth.
The Centrale Bank van Curaçao en Sint Maarten (CBCS) is undergoing modernization, in which improving transparency is a core component. The fallout from the failures—in the 2010s—of two large institutions under the CBCS’s supervision dented public trust in the central bank. Alongside improved internal governance and regulatory reforms, enhanced transparency is being used as a key tool to strengthen the CBCS’s reputation and institutional credibility. As the central bank for two nations within a monetary union (MU), CBCS faces demands for strong communication and engagement with stakeholders across both jurisdictions.
Energy prices, supply chains, and financial markets are the main transmission channels, but the regional effects will vary significantly
The costs of fragility are high, but judicious economic policies can help foster trust and support economic stability and growth
Capital markets integration, expanding opportunities for workers, and bigger consumer markets will allow companies to grow faster
Building foreign exchange reserves requires sound policies and takes time, but global efforts to lower the cost of holding them can help
There are few elegant, easy, or politically attractive ways to reduce debt
Diversification has become harder since 2020 as stocks and bonds tend to move in tandem during sharp selloffs, adding to financial stability concerns
