Morocco’s Economic Outlook: Navigating Growth Amidst Climate Concerns
Morocco’s economy is showing resilience, but faces a critical challenge: rainfall. The High Commission for Planning (HCP) projects 3% growth for the fourth quarter of 2024, following a robust 4.3% expansion in the third quarter. Looking ahead, the HCP anticipates a further uptick to 3.5% growth in the first quarter of 2025. However, this positive outlook comes with a significant caveat: the looming threat of drought.
A substantial rainfall deficit of 60.6% compared to historical averages has raised concerns. If these dry conditions persist, the HCP warns that economic growth could be stunted by as much as 0.8%. This underscores the vulnerability of Morocco’s economy, particularly its agricultural sector, to climate change impacts. The World Bank, in its recent reports, has highlighted the increasing frequency and intensity of droughts in North Africa, posing a significant risk to regional economic stability
