The Moroccan economy has shown resilience, despite exogenous shocks. In the first quarter of this year, economic growth stood at 1.2%, up from the same period last year, according to the High Commission for Planning.
Given the evolution of the economic situation marked by the surge in the price of certain products, Bank Al-Maghrib estimates that inflation could reach 4.7% at the end of the year in Morocco, while in the last two years it was only 2%.
Despite the rise in inflation and the slowdown in activities, the Moroccan economy remained solid. In the fourth quarter of 2021, the growth rate reached 6.6% instead of a decline of 5.1% a year earlier.
Like many countries with trade relations with Russia and Ukraine, Morocco is seriously disrupted by the crisis between the two countries, with the surge in prices of cereals and hydrocarbons.
In Morocco, the activity rate of women is low compared to the level recorded worldwide, according to the first report on the economic participation of women, published by the Union for the Mediterranean (UfM).
In 2021, Morocco exported around 7.3 billion euros to Spain, up 14.6% compared to 2020, according to data published by the Spanish embassy in Rabat.
Heavily impacted by the health crisis, the Moroccan economy has been recovering since last year, with good forecasts, according to the International Monetary Fund (IMF).
The Moroccan economy has shown exceptional vigor over the past year in a particular context related to the health crisis, thanks in particular to the government’s support measures, combined with the very positive results of the agricultural season. The recovery is therefore on track.
Morocco is gradually recovering from the Covid-19 pandemic, while the Industry sector alone has recovered 40% of the jobs lost during the health crisis, said the Minister of Industry and Trade, Ryad Mezzour.
Morocco’s GDP growth is expected to reach 3.2% in 2022, instead of an initial forecast of 3.4%, according to the research department of the rating agency Fitch Solutions. This is due to the restrictive measures taken by the Moroccan government to fight the spread of the Omicron variant.
The analysis of the regional accounts for the year 2019 revealed that the Tanger-Tétouan-Al Hoceima (TTA) region has maintained its place among the leading regions of growth, with a growth rate higher than the national average.
The Moroccan economy should record growth of 6.7% for the year 2021, before settling at 2.9% in 2022 and 3.4% in 2023.