Coronavirus: Morocco’s economy to shrink 6.8 pct in second quarter, says agency

Tourists wait to be repatriated to their countries as Morocco suspends flights to European countries in March at Marrakech airport. (File photo: Reuters)

Morocco’s planning agency revised downwards on Tuesday its growth forecast for the second quarter to -6.8 percent year-on-year instead of an earlier estimate of -1.8 percent as the coronavirus lockdown hit both foreign and domestic demand.

First-quarter growth stood at 0.7 percent compared with a previous projection of 1.1 percent, the agency said in a statement, citing a drop in cereals output.

The coronavirus will cost the Moroccan economy $3 billion in the first half, it said.

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Last Update: 07:06 KSA 10:06 - GMT 07:06
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