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GlobalData: Moroccan economy will grow fastest in Africa in 2021

Morocco, “which is progressing by leaps and bounds”, is at the top of the five economies that will experience the fastest growth rates in Africa in 2021, GlobalData, an international data consulting and analysis company, said in its last report.

GlobalData expects growth of 5.19% for the Kingdom, the highest rate on a continental scale in 2021. For Gargi Rao, economic research analyst at GlobalData, quoted in the report, “Morocco has progressed by leaps and bounds in recent years”.

The expert who highlights the agricultural performance of the Kingdom, notes that “Morocco’s expected growth of 5.19% will also benefit from the effective vaccination campaign, accommodating monetary policies and fiscal incentives”.

The GlobalData report also recalls that the African economy, after experiencing its worst recession in half a century in 2020, is expected to grow at a rate of 3.8% in 2021.

Recall that according to Bank Al-Maghrib (BAM), the Moroccan economy should register a growth of 5.3% for the year 2021, before settling at 3.3% in 2022. A performance that would be boosted by a 3.6% increase in the added value of non-agricultural activities and a 17.6% rebound in that of the agricultural sector.

The High Commission for Planning (HCP) also drew up a positive assessment for the Moroccan economy which “would have recovered by 12.6% in the second quarter of 2021”, adding that economic activity should increase by 7.2% during the period of third quarter 2021, year-on-year.

For its part, the World Bank forecasts that real GDP growth will rebound to 4.6% in 2021, supported by the good performance of the agricultural sector and by a partial recovery of the secondary and tertiary sectors.

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