Morocco’s Unemployment Rate Drops as Economy Rebounds from Pandemic

Speaking before the House of Advisors, the Head of Government, Aziz Akhannouch, stressed that the efforts undertaken by the Executive have made it possible to overcome the effects of the pandemic, which had paralyzed the dynamics of a set of productive sectors.

According to the Prime Minister, "the number of unemployed people has decreased by 68,000 people, between the first quarter of 2021 and the same quarter of 2022." At the same time, foreign direct investment income amounted to 4.1 billion dirhams until the end of February 2022, an increase of 8% compared to the same period last year (3.8 billion dirhams).

As for the employment rate, it improved during the period as more than 2.7 million employees were declared to the National Social Security Fund for the month of March last, compared to 2.6 million authorized employees in February 2020. Meanwhile, the investment rate stood at 30% of gross domestic product, compared to a global average not exceeding 25%.

In this context, the operationalization of "Made in Morocco" has enabled the finalization of 918 projects with a total investment value of 39.4 billion dirhams, which promise about 197,000 direct and indirect jobs.