King Mohammed VI received the Governor of Bank Al-Maghrib, Abdellatif Jouahri, today, Tuesday, at the royal palace in Tetouan. Jouahri presented to His Majesty the annual report of the bank regarding the economic, monetary, and financial situation for the year 2024.
In his presentation, Jouahri highlighted the improvement in national economic performance despite international difficulties and ongoing drought, with a growth rate of 3.8 percent, reaching 4.8 percent in non-agricultural sectors, while inflation decreased to approximately 0.9 percent.
He noted that Bank Al-Maghrib lowered the main interest rate twice during the year to facilitate monetary policy while continuing to meet the liquidity needs of banks. In the labor market, the national economy recorded the creation of 82,000 jobs; however, this was not sufficient to reduce the unemployment rate, which stood at 13.3 percent.
Regarding public finance, the budget deficit decreased to 3.9 percent of the Gross Domestic Product, benefiting from improved tax revenues and the results of innovative financing mechanisms. In terms of external accounts, the current account deficit reached 1.2 percent of GDP, aided by the sustained strong performance of car and phosphate exports, a decrease in energy costs, as well as increased remittances from Moroccans abroad and tourism revenues, contributing to raising official reserves to over 375 billion dirhams, equivalent to about five and a half months of imports.
The Governor of Bank Al-Maghrib reflected on the achievements of the reforms that Morocco has witnessed since the beginning of the millennium, pointing out the significant progress made under the King’s leadership in the areas of economy and infrastructure. However, he noted that the pace of growth has slowed in the last decade due to external shocks, impacting job opportunities.
He emphasized that major projects and reforms recently launched by the King, particularly in the fields of water security, energy sovereignty, and food security, could create a new dynamic and establish 2024 as a pivotal year in the economic recovery path.
Jouahri stressed the necessity for public policies to focus on three main axes: enhancing resilience, strengthening the ability to adapt to changes, and maintaining macroeconomic balances, especially through accelerating the reform of public finance and pension systems.
He stated that Morocco currently possesses all the conditions to solidify this momentum, thanks to a clear royal vision, internal stability, and international credibility, calling on all stakeholders for a collective mobilization to implement this vision, particularly ahead of the major challenges facing the Kingdom by 2030, which he considered an opportunity to enhance the country’s position within the high-income bracket.
