RABAT, April 20 (Xinhua) -- The International Monetary Fund (IMF) has cut Morocco's 2022 economic growth forecast to 1.1 percent, down from the previous estimate of 3 percent.
The updated forecast is based on a sharp drop in agricultural output as the North African country suffered its worst drought in decades in 2022, and the fallout from Russia-Ukraine conflict, according to the IMF's World Economic Outlook report released on Tuesday.
Morocco's GDP will expand by 4.6 percent in 2023, according to the report.
Morocco's inflation is predicted to hit 4.4 percent this year before decreasing to 2.3 percent in 2023, according to the IMF.
The Moroccan government will lower its GDP growth forecast for 2022 from 3.2 percent in the budget law to an average of 1.5 percent to 1.7 percent, Moroccan Prime Minister Aziz Akhannouch told a parliamentary session hearing on Monday. ■