Morocco economy rebounds with strong growth

Morocco’s economy has rebounded with GDP in 2021 projected to grow 6.3 per cent on the back of a rapid response to the coronavirus pandemic, the International Monetary Fund said Friday.

“Thanks to a very successful vaccination campaign and the prompt response of the authorities, the health crisis has been placed under control and the Moroccan economy is rebounding,” said Roberto Cardarelli, head of an IMF mission at the end of virtual talks with Rabat since November 30.

“Economic activity has recovered most of the ground lost during the severe global recession of 2020, which hasn’t spared Morocco,” he said in a statement. “This performance owes to continued fiscal and monetary stimulus, the rebound of exports, buoyant remittances and the exceptional harvest after two years of drought,” he said.

“After shrinking 6.3 per cent in 2020, GDP is forecast to grow by 6.3 per cent in 2021,” among the highest in the Middle East and North Africa, Cardarelli said.