Economic growth in Morocco to slow to 2.9 pct in 2022, says planning agency
Morocco’s economic growth is expected to slow to 2.9 percent in 2022 from a forecast 5.8 percent this year, the planning agency said on Monday.
The forecasts signal a recovery in domestic and foreign demand but remain shrouded in uncertainty given developments in the COVID-19 pandemic and vaccination efforts, the agency said in a report.
For the latest headlines, follow our Google News channel online or via the app.
Morocco has Africa’s largest vaccinated population, administering near 20 million doses of the AstraZeneca and Sinopharm vaccines so far.
Last year, Morocco’s GDP contracted 6.3 percent under the combined impact of the pandemic and drought.
The fiscal deficit was seen narrowing to 6 percent in 2022 from 6.3 percent this year due to a surge in government spending to help productive sectors and reduce disparities.
Spurring growth hinges on addressing unemployment, the informal economy and disparities, planning agency head Ahmed Lahlimi said.
The trade deficit is expected to widen to 16.8 percent in 2022 from15.9 percent this year.
Given the bonds Morocco may issue and the steady flow of remittances from Moroccans abroad, which offset the drop in tourism, Morocco’s foreign exchange reserves are expected to stand at 311 billion dirhams ($34.7 billion), enough to cover six months and 9 days of imports.
Money supply growth would slow to 4 percent in 2022 after 5.7 percent in 2021, the agency said.
Read more: S&P cuts Kuwait’s rating, citing lack of deficit-financing strategy
Also Read
-
COVID-19, subdued oil price to leave most of Gulf in the red this year: Fitch
The lingering impact of the COVID-19 pandemic and last year’s sharp drop in oil prices will leave most governments in the Gulf with deficits this year ... Economy -
Fitch lifts Saudi Arabia’s rating outlook to stable as oil gives boost
Fitch Ratings reaffirmed Saudi Arabia’s A sovereign rating and revised its outlook for the kingdom from negative to stable as higher oil prices give ... Economy -
Saudi Arabia, Oman to continue cooperation between the two countries: Joint statement
Saudi Arabia and Oman will continue the cooperation and coordination that has been achieved in the political, security, and military fields, a joint ... Gulf -
Qatar’s Commercial Bank to withdraw offer to raise stake in National Bank of Oman
Qatar’s Commercial Bank on Sunday said it is to withdraw an offer to acquire more shares in National Bank of Oman, which would have given it a ... Banking & Finance
