Morocco’s gross domestic product (GDP) growth is expected to reach 4.6% in 2021, according to the latest World Bank projections.
“In Morocco, production is expected to rebound to 4.6% in 2021 under the effect of several factors, namely the reduction of problems linked to the drought, the maintenance of accommodating policies and the easing of the restrictions imposed on internal movements”, says the World Bank in its June “World Economic Outlook” for the Middle East and North Africa (MENA) region.
As a reminder, in its biannual report last April, the International Monetary Fund (IMF) had anticipated, for its part, a growth rate of the Moroccan economy of 4.5% in 2021.
In the MENA region, the World Bank expects production to increase by 2.4% in 2021, “which corresponds to a more sustained growth than expected but below the average of the last decade (2010- 2019)”.
“The region is expected to benefit from the recent recovery in oil prices, increased external demand and the easing of economic disruptions due to the pandemic,” explains the international financial institution, adding that with the acceleration of the vaccination, easing travel restrictions, easing cuts in oil production and alleviating fiscal problems, growth is expected to accelerate to 3.5% in 2022.
“Nevertheless, the outlook is uncertain and depends on the evolution of the pandemic, access to vaccines and the willingness of populations to be vaccinated,” the report notes.
In oil-exporting countries, higher oil prices will promote growth and recovery in government revenues, the same source argues, estimating that prices are expected to average $ 62 per barrel in 2021 and 2022.
Saudi Arabia is expected to grow 2.4% this year and 3.3% next year, on the back of positive developments in the pandemic, higher oil prices and lower oil prices. production cuts, as well as the launch of a new public investment program, says the World Bank.
The pandemic will remain a brake on growth in oil-importing countries, notes the Bretton Woods institution, noting that in Egypt, growth is expected to slow to 2.3% in fiscal year 2020/21, the pandemic having resulted in a slowdown in the tourism, manufacturing and oil and gas extraction sectors, before recovering in fiscal year 2021/22.