Morocco’s Economy Faces 70 Billion Dirham Loss as COVID-19 Deepens Recession

The extent of the effects of Covid-19 on the Moroccan economy has upset forecasts. The national economy will experience a deeper recession than expected, said Mr. Jouahri. GDP will contract by 6.3% instead of 5.2%. Consequence: GDP will experience a decline of around 70 billion dirhams.

According to the explanations of the Governor of BAM, the recession is linked to the slow recovery of production activities and the local and sectoral restrictions required after the increase in Covid-19 cases, in addition to the near-total closure of borders to travelers.

According to him, GDP could increase by 4.7% next year. This increase will depend, among other things, on the increase in agricultural value added of 12.6%, a cereal harvest of 75 million quintals and the improvement of non-agricultural value added (3.7%).