Morocco’s Economy Projected to Rebound with 4.5% Annual Growth Through 2023

According to the report published on Friday by the Ministry of Economy, Finance and Administration Reform, by 2023, a gradual recovery in national economic activity should be envisaged, recording growth of 4.6% and an average annual growth of 4.5% over the same period.

This document is in accordance with the provisions of Organic Law No. 130.13 on the Finance Act (LOLF). Moreover, it also shows that the forecasting exercise for the year 2021 assumes a cereal production of 70 million quintals (Mqx) with a consolidation of other crops and livestock. It also takes into account other extra-economic factors. We can mention the control of the epidemic, the reopening of borders from the first half of 2021.

The Moroccan economy should record, on the basis of the assumptions, a rebound in the GDP growth rate in volume of 4.8% in 2021 if the value added reaches 11% and the non-agricultural one 3.8%. The report also indicates that the components of demand should increase positively taking into account the expected recovery of the national economy in 2021. All of this is facilitated by the measures of the amending finance law and the actions of the economic recovery plan.

It should be noted that final domestic consumption should recover in 2021 and increase by 3.6%. Gross fixed capital formation should, for its part, reach 6.4% after 5.1% this year. Similarly, the forecasts for the world economy in 2021 should have a positive impact on external demand addressed to Morocco. Thus, exports of goods and services would increase by 16.9% against 11.8% for imports of goods and services.