Morocco Remains in Lower-Middle-Income Bracket: A Look at the World Bank’s 2024 Classification
The World Bank, in its annual update of country income classifications, has categorized Morocco as a lower-middle-income country for 2024. This classification, based on Gross National Income (GNI) per capita, highlights the ongoing economic challenges faced by the nation despite government efforts to bolster its financial standing.
The World Bank report paints a picture of shifting global economic landscapes. Since 1987, the percentage of low-income countries has shrunk significantly, from 30% to a mere 12% in 2023. Conversely, the proportion of high-income countries has surged from 25% to a substantial 40% during the same period. This trend underscores the dynamic nature of global development and the progress made by many nations in improving their economic standing.
However, within the Middle East and North Africa region, while some countries have ascended to higher income brackets, Morocco remains in the lower-middle-income tier. This static positioning reflects the persistent economic hurdles the country faces. Factors contributing to this classification include the global economic slowdown, volatile exchange rates, and inflationary pressures.
It’s important to note that this classification doesn’t negate the efforts made by the Moroccan government. They have been actively striving to enhance economic growth, refine fiscal policies, and achieve sustainable development that uplifts the lives of its citizens.
The World Bank report emphasizes the critical role of data accuracy and effective economic policy in propelling countries towards higher income classifications. Morocco, recognizing this, is committed to implementing reforms and initiatives that will hopefully lead to a positive shift in its global economic standing in the coming years.
