According to many forecasts, the Moroccan economy is expected to witness a growth in 2021, given the recovery context after a difficult year in 2020 due to the Coronavirus pandemic.
In this context, for the Moroccan central bank, Bank Al-Maghrib forecasts, Morocco's economy is expected to grow by 5.3% in 2021 and 3.2% in 2022.
"The value-added of non-agricultural activities would increase by 3.5 percent in 2021 and, assuming a projected cereal production of around 95 million quintals, the value-added of the agricultural sector would rebound by 17.6 percent, thus bringing the growth of the national economy to 5.3 percent," BAM explained in a press release.
The same source added as quoted by MAP news agency, in 2022, the growth rate would consolidate to 3.2 percent, reflecting an acceleration in its non-agricultural component to 3.8 percent and a 2 percent drop in agricultural value-added, assuming a return to an average cereal production of 75 million quintals.
Over the forecast horizon, economic activity is projected to continue recovering, supported by the 120 billion dirhams recovery plan, the accommodative monetary policy stance, and a relative renewal of confidence in view of the progress made in the vaccination campaign and of the favorable weather conditions prevailing during this crop year, the Central Bank noted.
The African Development Bank also expected growth in Morocco's economy. It said in its "African Economic Outlook" annual report that real GDP growth in Morocco is projected to rebound to 4.5% in 2021.
The same source added that this expected growth is contingent on the recovery of the economy from a severe contraction and the thrive of agriculture.
