Oxford Business Group (OBG) and the Moroccan Agency for Investment and Export Development (AMDIE) recently signed a memorandum of understanding for the production of the very first report on the impact of the Covid-19 pandemic and the country’s recovery strategy.
The report, entitled Covid-19 Response Report (CRR), presents Morocco’s response to the coronavirus crisis in a synthetic format and highlights essential data as well as infographics relating to the socio-economic landscape, said an OBG statement.
The CRR report on Morocco first offers an overview of the macroeconomic and political situation before the Covid-19 crisis, adds the same source, noting that it then draws up a comparative assessment of the spread of the virus in Morocco with other countries and outlines the immediate response strategy adopted by the kingdom, particularly to the health crisis, with a reactivity often presented as an example on the question of masks and the use of innovative digital solutions, such as information sharing.
The document also presents an economic assessment of the epidemic and an estimate of the medium-term impact on key sectors such as tourism and industry for the second quarter of 2020. It also analyzes the measures measures announced by the government in response to the crisis and the aid and stimulus mechanisms provisionally put in place, such as the creation of a special fund endowed with 10 billion dirhams, the suspension of payment of social charges or the establishment of a moratorium on the repayment of bank loans to companies.
Finally, it details the measures taken to initiate the recovery in the short and medium terms, as well as an analysis of the sectors around which the economic recovery should focus, without forgetting the key role of institutions such as AMDIE in the support for Moroccan investors and companies. It also presents concrete projects carried out by private operators or under development.
“Morocco has shown exemplary responsiveness to the Covid-19 crisis. The country was illustrated in this crisis by a great capacity for adaptation, mobilizing for example its textile industry for the manufacture of masks and other medical equipment, but also by the dynamism of advanced technological sectors and by an increased recourse to innovative digital approaches, which has also been recognized by the international community”, underlined, Hicham Boudraa, Director General of AMDIE, quoted by the press release.
He added that “Morocco is today definitely part of an economic recovery dynamic”, observing that “the crisis has also revealed great opportunities and new perspectives for the national economy as national and international operators will certainly be able to grasp and develop with great agility”.
“AMDIE is already committed to supporting all national and international operators in this new dynamic,” he notes.
Souhir Mzali, OBG’s Africa Editorial Director, said “if it is obvious that the Covid-19 will have an impact on the Moroccan economy in the short term, the country has many assets to rebound quickly and the accelerated digital transformation observed in recent months could benefit the economy in the longer term”.
Oxford Business Group (OBG) is an economic intelligence and consultancy firm operating in more than thirty countries in Asia, Africa, the Middle East and the Americas. The firm produces strategic market information that has demonstrated one of the fastest growth rates in the world, to guide business and investment decisions.