Morocco’s Economy Rebounds in 2021 Despite Pandemic Challenges

"This recovery dynamic observed has affected all sectors, with the exception of tourism and air transport, which have continued to suffer, as elsewhere in the world, the effects of the crisis," notes the Directorate of Studies and Financial Forecasts (DEPF), adding that this situation has prompted the authorities to adopt an emergency plan of 2 billion dirhams with new support measures for the tourism sector.

Moreover, during the year 2021, at the sectoral level, several non-agricultural sectors of activity have already regained their pre-crisis level. This is the case of foreign trade. "Moroccan exports have strengthened in 2021 with a sustained pace and have regained their double-digit dynamism, benefiting from the improvement in global demand addressed to Morocco. At the same time, imports have recorded a remarkable increase in line with the dynamics of economic activity and the recovery of domestic demand," says the DEPF.

On the demand side, household purchasing power continues to rise, driven by the moderate evolution of inflation and the improvement in income generated by the good results of the agricultural season, the importance of remittances from Moroccans living abroad, the consolidation of the recovery in job creation and the increase in consumer loans.

For its part, the growth of bank loans fell to 70.8 billion dirhams after 90.2 billion dirhams in 2020. "As a result, Bank Al-Maghrib has reduced the volume of its liquidity injections, which reached an average of 82.9 billion dirhams per week after 96.3 billion in 2020," the same source notes, stressing that after the increase recorded during the third quarter of 2021, the banks’ liquidity needs eased in the fourth quarter of 2021 to 70 billion dirhams on average per week.