{
  "title": "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",
  "publication": "IMF Staff Country Reports, April 7, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/04/07/morocco-2025-article-iv-consultation-and-third-review-under-the-arrangement-under-the-565940",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2025/04/07/morocco-2025-article-iv-consultation-and-third-review-under-the-arrangement-under-the-565940",
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  "summary": "This paper focuses Morocco’s 2025 Article IV Consultation and Third Review under the Arrangement under the Resilience and Sustainability Facility.",
  "sections": [
    {
      "heading": "Macroeconomic performance and outlook",
      "content": "- Real gross domestic product growth projected to slow modestly to 3.2 percent in 2024 amid strong domestic demand.\n- Growth is expected to accelerate over the medium term, driven by stronger investment and the continued structural reforms.\n- The Moroccan economy continued to show resilience despite another year of drought.\n- The effect of stronger demand on the current account deficit has been muted by continued positive trends in:\n  - tourism,\n  - remittances, and\n  - manufacturing exports."
    },
    {
      "heading": "Fiscal stance and public debt",
      "content": "- The gradual fiscal consolidation continued as expected.\n- The 2025 Budget reiterated the authorities’ commitment to reduce the government debt ratio over the medium term.\n- Recommendation: Saving part of the revenue windfall from tax reforms would help strengthen fiscal buffers and protect against future shocks."
    },
    {
      "heading": "Structural and labor market challenges",
      "content": "- 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.\n- Subject matter emphasis in the report includes: Agricultural sector, Climate change, Economic sectors, Environment, Fiscal law, Fiscal policy, Macrostructural analysis, Structural reforms.\n\n---\n\n Content in this bundle\n\n- 1marea2025001-print-pdf\n  - 1marea2025001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1marea2025001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 7, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229005166.002",
    "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:",
    "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.",
    "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.",
    "**1marea2025001-print-pdf**"
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