Morocco: 2025 Article IV Consultation and Third Review Under the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Morocco
IMF Staff Country Reports, April 7, 2025
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- Morocco: 2025 Article IV Consultation and Third Review Under the Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Morocco
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Bibliographic details
- Published: April 7, 2025
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229005166.002
Macroeconomic performance and outlook
- Real gross domestic product growth projected to slow modestly to 3.2 percent in 2024 amid strong domestic demand.
- Growth is expected to accelerate over the medium term, driven by stronger investment and the continued structural reforms.
- The Moroccan economy continued to show resilience despite another year of drought.
- The effect of stronger demand on the current account deficit has been muted by continued positive trends in:
- tourism,
- remittances, and
- manufacturing exports.
Fiscal stance and public debt
- The gradual fiscal consolidation continued as expected.
- The 2025 Budget reiterated the authorities’ commitment to reduce the government debt ratio over the medium term.
- Recommendation: Saving part of the revenue windfall from tax reforms would help strengthen fiscal buffers and protect against future shocks.
Structural and labor market challenges
- Recommendation: A new strategy to sustainably boost jobs and improve market competition would help address the increased unemployment linked to job displacement in the agricultural sector.
- Subject matter emphasis in the report includes: Agricultural sector, Climate change, Economic sectors, Environment, Fiscal law, Fiscal policy, Macrostructural analysis, Structural reforms.
Content in this bundle
- 1marea2025001-print-pdf