Morocco’s Economy Poised for 5.3% Growth in 2021, Central Bank Forecasts

According to the central bank’s forecasts, the value added of non-agricultural activities would increase in 2021 by 3.6% and, taking into account a cereal production estimated at around 95 million quintals, that of the agricultural sector would rebound by 17.6%, thus bringing the growth of the national economy to 5.3%, according to the press release published at the end of the work of its second quarterly meeting for this year.

According to the data, this growth should reach 3.3% in 2022, due to an expected acceleration of the non-agricultural value added to 3.8% and a 2% drop in the agricultural value added, under the assumption of a return to an average cereal production of 98 million quintals, notes the same source.

In addition, Bank al-Maghrib estimates that the easing of restrictions, added to the economic and budgetary measures taken in favor of the population, is fostering the recovery of the economy, which is currently evolving at a sustained pace.

However, these forecasts are surrounded by a high level of uncertainty due to the epidemiological map of the world and the variable vaccination rate in the countries.