Economic activity in Morocco has recovered most of the ground lost during the severe global recession of 2020. In 2022 the GDP will continue to grow at a projected 3 percent, according to the International Monetary Fund.
This performance owes to continued fiscal and monetary stimulus, the rebound of exports, buoyant remittances, and the exceptional harvest after two years of drought, said the IMF.
The findings were published on February 9, after an IMF staff team led by Roberto Cardarelli conducted virtual discussions with the Moroccan authorities from November 30 to December 10.
“Morocco’s economy is rebounding. The economic recovery is expected to continue over the next few years, although the COVID-19 pandemic will leave some scars,” said the team.
In 2020, Morocco recorded an economic contraction of 6.3%, and it is expected that the gross domestic product during the year 2021 will achieve a growth of about 6.3%.
This is among the highest rates in the Middle East and North Africa region, according to the experts of the International Monetary Fund.
“Staff welcome the authorities’ determination to implement the structural reforms proposed as part of the New Model of Development (NMD). These reforms have the potential to yield a stronger, more inclusive, and sustainable growth path for Morocco.”
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