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IMF reviews upwards its growth forecasts for Morocco

The International Monetary Fund (IMF) revised upward its growth forecast for Morocco in 2021, now expecting 5.7% from 4.5% previously.

This is one of the most robust growth rates in the Middle East North Africa region as the world tries to gradually recover from the effects of the covid-19 pandemic. In its “World Growth Forecast”, published at the Fall Meetings, the IMF also forecasts a growth rate of 3.1 in 2022 against 3.9 forecast in its last report.

The Bretton Woods institution, on the other hand, points out that unemployment is expected to rise to 12% in 2021 before falling slightly to 11.5 next year.

The consumer price index will stand at 1.4% in 2021 and 1.2% in 2022, respectively, according to the same projections. Morocco’s current account balance stands at -3.1% in 2021 and -3.3% in 2022, according to the IMF’s semi-annual report.

At the global level, the international institution has slightly lowered its growth projections, now counting on 5.9% this year and 4.9% in 2022, while noting the persistence in the short term of the repercussions of the pandemic and its divergent effects.

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