The Moroccan economy is expected to grow by 5% in 2021, before returning to a more moderate pace of 3.2% in 2022, the European Bank for Reconstruction and Development (EBRD) announced. This development reflects the success of the vaccination campaign in Morocco, which has favored a fairly rapid reopening of the economy, despite a cautious restart of tourism on a global scale, explains the EBRD in its report on the regional economic outlook.
The economy should be supported by a good rainy season, the expected recovery in Europe, Morocco’s main trading partner, and the strengthening of exports in the phosphate and automotive sectors.
In addition, the EBRD is raising its growth forecasts for the southern and eastern part of the Mediterranean basin (SEMED region) to 4.2% for 2021. According to the report, most economies in the region are experiencing a rebound in their economic activity, mainly driven by a new impetus in the agriculture and telecommunications sectors, as well as a limited increase in tourism and exports. In 2022, production growth in the SEMED region is expected to stand at 4.4%, reflecting the strong expansion of economic activity, especially in Egypt and Morocco.
Morocco’s future economic recovery will depend on the strength of the global recovery, progress in immunization roll-out, political developments and the implementation of business environment reforms. Among the main measures likely to attract investors, the EBRD report cites strengthening competition, improving governance, fighting corruption, increasing digitization and promoting inclusion.