IMF Staff Country Reports

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

April 7, 2025

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Format: Chicago

International Monetary Fund. Middle East and Central Asia Dept. "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 2025, 087 (2025), accessed April 25, 2025, https://doi.org/10.5089/9798229005166.002

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Summary

After accelerating in 2023, GDP growth slowed to 3.2 percent in 2024, as another drought curtailed agricultural production. Domestic demand remained robust in the first three quarters of the year, with consumption boosted by lower inflation and fiscal support, and investment benefiting from the start of an infrastructure building cycle. Labor market conditions remained weak, due to significant job losses in the agricultural sector and low labor force participation. The effect of stronger demand on the current account deficit has been muted by continued positive trends in tourism, remittances, and manufacturing exports. The gradual fiscal consolidation continued as expected, and the 2025 Budget reiterated the authorities’ commitment to reduce the government debt ratio over the medium term. The authorities have continued with their structural reform agenda and have announced a new strategy to boost employment.

Subject: Agricultural sector, Climate change, Economic sectors, Environment, Fiscal law, Fiscal policy, Macrostructural analysis, Structural reforms

Keywords: Agricultural sector, Climate change, Dirham exchange rate, E. WB engagement, Exchange rate system, Fiscal law, Global, Maghreb, Middle East and Central Asia, Performance program, RSF arrangement, Structural reforms

Publication Details

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