Economic Impacts of the 2023 Earthquake in Morocco

Eduardo A. Haddad, Karim El Aynaoui, Abdelaaziz Ait Ali, Mahmoud Arbouch and Hamza Saoudi

No 2420, Policy briefs on Economic Trends and Policies from Policy Center for the New South

Abstract: - The earthquake’s overall impact on growth is estimated to be around -0.24% of GDP in 2023. - Due to the spatial concentration of the earthquake, Al-Haouz province and the Marrakesh region experienced Gross Regional Product (GRP) losses of -10.2% and -1.3%, respectively. - The 120 billion Moroccan dirhams (MAD) recovery program will have only mild positive impacts on overall macroeconomic growth from 2023 to 2028 but will significantly benefit the High Atlas region due to the reallocation of resources from non-affected to affected areas. - The overall macroeconomic impact is significantly influenced by the decision regarding the financing package, whether through new funds (debt) or investment reallocation. - However, this decision results in minor differences in the substantial positive impacts on the High Atlas region.

Date: 2024-06
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