Macroeconomic Forecast Morocco

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We have revised down our Morocco growth forecast to below 2% as a result of agricultural sector reports that suggest a contraction is likely. The country's cereals harvest appears to be at its lowest level since 2000, and with just under half of the population employed in the agricultural sector, this is likely to reverberate throughout the economy in dampening consumer demand. Still, we remain positive on Morocco's outlook given ongoing reform efforts and investor interest in the country.