Despite the shocks, the economy is holding up well

In 2022, several factors have combined to deal a brutal blow to the Moroccan economy. The country is undergoing the impact of a string of both external and domestic shocks, namely a surge in commodity prices having generated inflation never reached in three decades (8.3% in December 2022), the economic slowdown in Europe, the drought (which explains 48% of the economic deceleration), and other shocks. This situation resulted in the collapse of real GDP growth, which fell from 7.9% in 2021 to 1.2% in 2022, and a worsening of the current account deficit, which rose from 2.3% to 4.1% of GDP, according to World Bank estimates.