Morocco’s Economy Projected to Grow 6.7% in 2021, Slow to 2.9% in 2022

"At the national level, progress in vaccination, the maintenance of budgetary and monetary stimulus and the very good agricultural season will result in the economy rebounding by 6.7% this year, with increases of 18.8% in agricultural value added and 5.3% in that of non-agricultural activities," Bank Al Maghrib said in a press release.

The performance of the national economy over the next two years remains dependent on the evolution of the health situation at the national and international level and the restrictions that the authorities would be led to put in place. However, the central bank has issued approximate scenarios, betting on a consolidation of growth at 2.9% in 2022 and 3.4% in 2023.

On the labor market, the latest data for the third quarter of 2021 show a strong recovery with the creation of 642,000 jobs and a net inflow of 607,000 job seekers, notes the Central Bank, indicating that the activity rate thus increased by 1.6 percentage points to 45.1% and the unemployment rate fell by 0.9 percentage points to 11.8%.