Morocco’s Minister of Economy, Finance and Administration Reform Mohamed Benchaaboun said that the country’s economy would recover gradually by 2022.
The kingdom is going through its worst economic crisis since 1995 because of the stringent lockdown measures it imposed in a bid to curb the spread of the novel coronavirus pandemic.
“Like the economies of all countries in the world, the Moroccan economy is going through one of its most trying crises since the 1990s,” said the Minister.
“Heavily impacted by the public health state of emergency imposed by the spread of the coronavirus, it should, however, embark on a gradual recovery process from the current semester. But this restart will take many months as elsewhere,” he added.
Benchaaboun presented the general framework for preparing the 2021 Draft Budget Law before lawmakers. He also reviewed the main economic indicators recorded during this crisis.
He warned that the shutdown of economic activities in Morocco due to lockdown measures and the drought that has hit the country besides the contraction of its main partners’ economies – namely France and Spain – would lead to an economic recession.
The national economy will start to recover during the second half of the current year, before fully recovering during 2022, according to Benchaaboun.
Trade deficit fell by 13% during the first half of the year due in particular to a decline in exports of 33 billion dirhams ($311 million) combined with a drop in imports of 46 billion dirhams ($434 million).
Travel receipts are expected to decline by nearly 29% because of border closures during the lockdown after good results recorded during the first two months of the year.