The Global Outlook and Morocco

Despite fraught politics, the global outlook is strengthening. The next twelve months are likely to be characterized by moderate but steady growth across the world. However, the outlook becomes murkier as we move into the second half of 2018 and 2019. Significant upside in world economic growth is possible on account of building momentum against a background of low capacity utilization, but even greater downside is possible on account of inconsistent economic policy in the Unites States, Chinese imbalances, and the threat of protectionism. Accordingly, while Morocco’s short term prospects look solid, adjustments are needed to make growth sustainable in the face of likely external turbulence