World Bank Forecasts 4.6% GDP Growth for Morocco in 2021 Amid Economic Recovery

For this year 2021, real GDP growth will reach 4.6% thanks to a feat in the agricultural sector and in the secondary and tertiary sectors, the World Bank estimated in its report, adding that currently, "agricultural production exceeds historical trends, the vaccination campaign is progressing as planned, monetary policy remains accommodative and the fiscal consolidation process is gradual, with a moderate reduction in the deficit as early as 2021".

Furthermore, the basic data on rainfall shows that after two consecutive years of drought, the 2020/2021 agricultural season "will be strong". As for the manufacturing and services sectors, the recovery will be gradual with an increase in value added of 3.4% and 3.1% respectively. In addition, Morocco has been able to take advantage of the health crisis to transform it into an opportunity and implement an ambitious program of transformative reforms, the report added.

Among the reforms, we can cite the creation of a Strategic Investment Fund to support the private sector, the overhaul of the social protection framework in order to boost human capital and the restructuring of the vast network of Moroccan public enterprises. Thus, a perfect realization of these reforms can lead to "a stronger and more equitable growth trajectory", and increase the growth potential of the economy, the World Bank concluded.