The Moroccan economy is expected to contract by -7% in 2020 before rebounding with 4.9% growth in 2021, according to new projections from the International Monetary Fund (IMF).
In its biannual world economic outlook report released on Tuesday, the IMF estimates unemployment is expected to stand at 12.5% in 2020 before falling to 10.5% in 2021, from 9.2% in 2019.
Inflation is expected to remain at the same level as 2019 in 2020, at 0.2%, and increase slightly to 0.8% in 2021, according to the Washington-based financial institution.
For its part, Morocco’s current account balance would stand at -7.3% in 2020 (-4.1% in 2019), and -5.2% in 2021.
According to the IMF, the world economy, under the effect of the crisis linked to the coronavirus pandemic, is expected to contract by -4.4% this year, before rebounding with growth of 5.2% next year.
The level of world GDP in 2021 is therefore expected to be slightly 0.6% higher than in 2019. Growth projections imply large negative output gaps and high unemployment rates this year and in 2021 in advanced market economies and emerging.