The Moroccan economy is expected to grow by 6.7% in 2021, before settling at 2.9% in 2022 and 3.4% in 2023, according to Morocco's central bank (Bank Al-Maghrib).
"At the domestic level, progress made in the Covid-19 vaccination campaign, continued fiscal and monetary stimulus, as well as a very good agricultural season will lead to an economy rebound by 6.7 percent this year, with increases of 18.8 percent in agricultural value added and 5.3 percent in non-agricultural activities," said the Central Bank in a press release issued at the end of the last quarterly meeting of its Board of Directors for 2021, held Tuesday.
Over the next two years, the activity pace will remain largely dependent on national and international health situation and restrictions that the authorities may put in place accordingly, said the same source. Hence, following Bank Al-Maghrib's projections, in the central scenario, growth would be consolidated to 2.9 percent in 2022 and to 3.4 percent in 2023.
The value added of non-agricultural activities would continue to improve at a rate of 3.2 percent in 2022 and 3.4 percent in 2023 and, assuming an average cereal harvests of 75 MQx annually, the value added of the agricultural sector would fall by 2.8 percent in 2022 and increase by 2 percent in 2023, the central bank noted.
On the labor market, the 2021 third quarter data show a clear recovery with a creation of 642 thousand jobs and a net entry of 607 thousand job seekers, the statement underlined, adding that the activity rate has increased by 1.6 percentage points to 45.1 percent and the unemployment rate declined by 0.9 percentage points to 11.8 percent.
