These predictions factor in a 3.2% rise in taxes and duties on products, excluding subsidies, as stated by the HCP in its recently released 2024 Economic Budget Forecast.

The nominal GDP is anticipated to expand by 6% in 2024, contributing to an inflation rate of 2.8% measured by the GDP deflator. This follows a 4.5% inflation rate in 2023 and 3.1% in 2022, as reported by the same source.

The HCP also highlights that the economic forecasts for 2024 consider the provisions outlined in the 2024 Finance Act. This year is poised to witness the implementation of various measures aimed at alleviating the socio-economic impacts of inflation, drought, and the Al Haouz earthquake.

Numerous significant initiatives will be undertaken, particularly through reconstruction and enhancement programs in affected regions, direct social aid, and housing support.

These forecasts hinge on the expectation of a rebound in foreign demand, set against a backdrop of gradual relief from international inflationary pressures.