Morocco’s gross domestic product is expected to rise 1.2% in 2022 before rebounding to 3% the following year as the pace of growth returns to pre-pandemic levels, the European Bank for Reconstruction and Development said on Tuesday.
In a report presenting its economic forecasts, the EBRD notes that in 2022, the Kingdom’s economy is facing adverse weather conditions, affecting agricultural production, in addition to the impact of the war in Ukraine.
This forecast takes into consideration “the effects of the drought, which is expected to put pressure on domestic food prices and force the country to increase its food imports, also at a higher international price”.
Disruptions in the global supply chain are an additional drag on growth, says the financial institution.
“These risks will likely continue into next year, although 2023 could see a rebound in growth, projected at 3%, as agriculture recovers and the pace of growth returns to pre-pandemic levels,” supports the EBRD.
The London-based organization also notes that the Moroccan economy experienced a strong recovery in 2021 with GDP growth of 7.4%, after a contraction of 6.3% in 2020 due to the pandemic.
“This recovery is mainly due to a record harvest season and rebounds in manufacturing, trade, construction and business services, under one of the best vaccination programs of the EBRD regions,“says the same source.