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BAM: Contraction of 5.2% in 2020, rebound of 4.2% in 2021

The national economy would contract by 5.2% in 2020, followed by a rebound of 4.2% in 2021, according to forecasts by Bank Al-Maghrib (BAM).

“Pasturing from the combined effect of drought and restrictions to limit the spread of Covid-19, the economy would, according to projections by Bank Al-Maghrib, contract by 5.2% in 2020, the strongest since 1996”, we read in a press release from BAM, made public Tuesday after the second quarterly session of the year of the Central Bank Council.

Agricultural value added would fall by 4.6%, with a cereal harvest estimated by the Department of Agriculture at 30 million quintals, and that of non-agricultural activities would decrease by 5.3%, said the same source.

In 2021, the Central Bank expects a growth rebound to 4.2%, with an increase in agricultural value added of 12.4%, assuming a cereal production of 75 million quintals, and an improvement the pace of non-agricultural activities at 3.1%.

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