Macroeconomic Forecast Morocco

BMI View: We expect GDP growth to reach 4.9% this year, buoyed up by strong agricultural production. Key risks to trade come from the Free Trade Agreement with the US, expected to come into force later this year, pending ratification by the US Congress. Some sectors, such as cereals, will suffer as a result of competition from their heavily subsidised US counterparts; other sectors, such as poultry (which fed on cereals), will benefit from cheaper inputs. Overall, risks to the trade deficit are weighted to the downside.

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