King Mohammed VI, accompanied by Crown Prince Moulay El Hassan and Prince Moulay Rachid, received Abdellatif Jouahri, Governor of Bank Al-Maghrib, on Tuesday at the Royal Palace in Tetouan. During the audience, Jouahri presented the Central Bank’s annual report on Morocco’s economic, monetary, and financial situation for the year 2024.
In his presentation, Jouahri noted that Morocco’s economy performed relatively well in 2024 despite global uncertainties and successive years of drought. The national GDP grew by 3.8%, while non-agricultural sectors expanded by 4.8%. Simultaneously, inflation dropped significantly, averaging just 0.9% for the year.
In response to easing inflationary pressures, the Central Bank adopted an accommodative monetary policy, cutting its benchmark interest rate twice and continuing to meet all banks’ liquidity demands to support the economic recovery.
However, Jouahri raised a red flag regarding the labor market, noting that while 82,000 jobs were created in 2024, this figure was insufficient to reduce unemployment, which remained high at an average rate of 13.3%. He described unemployment as a persistent concern that continues to weigh on the national economy.
On the fiscal front, the Governor reported encouraging signs of consolidation. Morocco’s budget deficit decreased to 3.9% of GDP, supported by stronger tax revenues and increased inflows from innovative financing mechanisms. This, Jouahri said, demonstrated steady progress toward restoring fiscal balance.
Turning to external accounts, he stated that the current account deficit remained contained at 1.2% of GDP. This was largely thanks to continued growth in the automotive and phosphate sectors, a decline in the national energy bill, and robust inflows from tourism receipts and remittances sent by Moroccans living abroad.
Bank Al-Maghrib’s official reserves rose to more than MAD 375 billion—equivalent to nearly five and a half months of imports of goods and services—further bolstering Morocco’s external resilience.
Jouahri also reflected on the Kingdom’s economic trajectory since the early 2000s, recalling how Morocco, under the leadership of His Majesty King Mohammed VI, may God assist Him, embarked on one of the most ambitious institutional, economic, and social reform agendas in the region. This agenda was coupled with an unprecedented investment program aimed at modernizing national infrastructure.
These efforts earned Morocco recognition from international institutions and resulted in major developmental gains. However, Jouahri acknowledged that in the past decade, successive global shocks and persistent uncertainty have slowed national growth and weakened the pace of job creation.
To address this, His Majesty the King has launched a series of far-reaching reforms focused on accelerating growth, improving human development, and enhancing national infrastructure. Key priorities include ensuring water security, strengthening energy and food sovereignty, and preparing Morocco to host major regional and global events.
Jouahri emphasized that these Royal initiatives have created strong momentum, and he described 2024 as a potentially pivotal year for reigniting economic growth and generating jobs. However, to fully realize this potential, he urged policymakers to focus on three strategic priorities.
First, Morocco must strengthen its resilience to shocks. This involves better governance, enhanced support for the productive sectors, and a more dynamic role for the private sector in driving investment and job creation.
Second, public policy must become more agile—capable of adapting swiftly to changing conditions. This requires robust monitoring of program implementation and regular performance evaluations, Jouahri noted.
Third, efforts must continue to preserve macroeconomic stability, with a focus on accelerating fiscal reform. Jouahri highlighted the urgent need to revise the organic finance law, introduce a binding fiscal rule, and advance long-delayed pension system reforms.
He stressed that current conditions are favorable for embedding this momentum. Morocco’s clear and ambitious Royal vision, coupled with the stability and international credibility it enjoys, is enhancing the country’s attractiveness and global reputation.
In conclusion, Jouahri called on all national actors to better coordinate and fully mobilize to implement this vision, particularly as Morocco approaches critical milestones by the year 2030. The real challenge, he said, is to transform these deadlines into a springboard for long-term development and ensure that Morocco successfully joins the ranks of higher-income countries.
