Morocco's economy will rebound and inflation will fall below 2% in 2024.

 According to HCP statistics, inflation is predicted to be 1.8% on average in 2024, down from 2.8% in 2023.

Morocco's economy will rebound and inflation will fall below 2% in 2024.

According to the forecast of the High Planning Council (HCP), after three consecutive years, Morocco's inflation rate will return to below 2% in 2024.

In a report released Tuesday, HCP data indicated that inflation will be 1.8% in 2024 from 2.8% in 2023. For the first time in 6 months of growth, 7 percent.

It was up 1% year-over-year compared to 9.1% growth in the previous three months.

The change was driven by more than 50% reduction in intensive food costs. Non-food products are expected to increase by 1.4% compared to March.

5 percent growth in the first quarter The growth of food prices will also slow down from 17% to 15% in the second quarter of 2023.

Domestic Demand

Domestic Demand is expected to contribute 3.1% to Morocco's GDP growth in 2024, instead of the estimated 1% in 2023.

6% contributes 1 point to economic growth.

Increasing farm incomes and continued external transfers contribute to the revival in domestic demand.

Overall, country consumption should increase by 2%, higher than in 2023, and contribute 1.7 percentage points to growth in 2024.

The report also states that the need for improvement in agriculture and a decrease in demand should reduce imports of livestock.