Morocco’s economy would shrink by 6.6% in 2020 before increasing by 4.7% in 2021 and by 3.5% in 2022, according to the Central Bank.
“For the whole of 2020, the national economy would show a contraction of 6.6%, with a decline of 5.3% of agricultural value added and 6.6% of non-agricultural value added,” Bank Al-Maghrib (Morocco’s central bank) pointed out Tuesday following the last quarterly meeting of its Board for 2020.
After a sharp decline in activity in the second quarter, the recovery after the deconfinement remains slow and partial, particularly due to the local and sectoral restrictions introduced to curb the spread of Covid-19 and the uncertainty regarding the evolution of the pandemic at the national and international levels, the source noted in a release.
The outlook for 2021 and 2022 is marked by uncertainty, but recent developments, mainly those related to the large-scale Covid-19 vaccination initiative at the national level and in several partner countries, as well as the establishment of a strategic investment fund, suggest that the balance of risks is likely to be higher.
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