Morocco is counting on a rebound in its economic growth (+ 6.2%) in 2021, thanks to its vaccination campaign and a good agricultural harvest, after a contraction of 7% in 2020 due to the pandemic, according to Bank Al-Maghrib .
The latter also forecasts GDP growth of 3% in 2022, according to its latest forecast released on Wednesday.
In a recent speech to parliament, King Mohammed VI announced a growth rate of over 5.5% this year.
“The recovery should continue, supported by the notable progress of the vaccination campaign”, noted Bank Al-Maghrib in a press release.
More than 20.5 million Moroccans have received two doses of the anti-Covid vaccine (out of a population of 36 million), according to the latest report from the Ministry of Health.
The rebound should also be based on “the very good agricultural season, the fiscal stimulus as well as the accommodative stance of monetary policy,” adds the central bank. Agriculture is the first sector of the Moroccan economy.
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Inflation is expected to stand at 1.2% in 2021 and 1.6% in 2022 (compared to 0.7% in 2020).
These projections are published at the time when the Parliament has just adopted the program of the new head of government Aziz Akhannouch.
This program is based on the “New Development Model (NMD)”, a national pact initiated by the King which outlines the socio-economic priorities of the Shereefian kingdom by 2035.
Mr. Akhannouch’s priority is to reduce the deep social and territorial disparities that affect the country.
Thus, the unemployment rate remains high, approaching 13%, according to Bank Al-Maghrib.