Due to persistent inflationary pressures that have weakened economic activity in Morocco, the speed of bankruptcy of enterprises has significantly increased at the start of this year after setting a record last year.
Small investors appear to be the largest victims in this situation.
Recent statistics from “Inforisk,” a company specializing in providing financial and legal information for businesses, show that 3,830 bankruptcies were reported in the first three months of this year, a 28% alarming rise over the same period last year.
The proportion of very small businesses that declared bankruptcy was high, around 98.8%, with medium and small businesses accounting for 1.1% and large businesses accounting for 0.1%.
According to the office’s findings, three industries were impacted the worst by bankruptcy: commerce (33%), real estate (20%), and construction and public works (17%).
Casablanca had the highest number of bankruptcies (26%), followed by Rabat (8%), and Marrakech (7%).
According to the same source, which relies on court data, the number of bankruptcies is likely to reach around 15 thousand cases by the end of this year, up from 12 thousand and 397 instances last year, or a 17.4% yearly increase.
According to the Moroccan Confederation of Very Small, Small, and Medium Enterprises, the number of bankruptcies in Morocco last year was estimated at 25,000, taking into account that a lot of businesses do not follow proper procedures with courts to declare bankruptcy.
Since the start of the Covid-19 pandemic, several issues have accumulated, leading to the inflation crisis, which has increased costs and prices of raw materials and restricted access to bank financing, putting more than 250,000 businesses at risk of closing, explained the confederation.
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