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The World Bank optimistic about economic recovery in Morocco

The economic recovery will certainly be gradual, but it will not be long in coming. This is the estimate made by the World Bank in its recent report linked to monitoring the economic situation in Morocco.

For this year 2021, real GDP growth will reach 4.6% thanks to a feat in the agricultural sector and in the secondary and tertiary sectors, estimated the World Bank in its report, adding that currently, “agricultural production exceeds historical trends, the vaccination campaign is progressing as planned, monetary policy remains accommodative and the budgetary consolidation process is gradual, with a moderate reduction in the deficit from 2021”.

In addition, basic rainfall data shows that after two successive years of drought, the 2020/2021 agricultural season “will be strong”. As for the manufacturing and service sectors, the recovery will be gradual with an increase in value added of 3.4% and 3.1% respectively. In addition, Morocco has taken advantage of the health crisis to turn it into an opportunity and put in place an ambitious program of transformative reforms, added the report.

Among other reforms, we can cite the creation of a strategic investment fund to support the private sector, the overhaul of the social protection framework in order to boost human capital and the restructuring of the vast network of Moroccan public enterprises. Thus, successful completion of these reforms can lead to “a stronger and more equitable growth path, and increase the growth potential of the economy”, the World Bank concluded.

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