The Moroccan Central Bank expected an economic recession of 6.3% this year, which is a more severe rate compared to previous estimates, due to the repercussions of the Covid-19 pandemic.
Bank Al-Maghrib (Moroccan Central Bank) revealed that the economic recession this year is more severe than expected last June, when the recession rate reached 5.2 percent, as it was the most severe in the Kingdom in 24 years.
The Central Bank attributed the new expectations to the slow resumption of activity compared to what was expected, as well as the restrictions that were imposed locally or sectorally after the increase in the number of new infections with the Coronavirus during the continuation of the almost complete closure of the borders to travelers, as tourism revenues fell during the past seven months by 44, 1 percent, or more than $1.8 billion.
The Central Bank expected the Moroccan economy to regain stability next year, with the gross domestic product increasing by 4.7 percent, revealing an increase in the unemployment rate from 8.1 to 12.3 percent in total, while official estimates showed earlier, that the economic repercussions of the pandemic threaten about a million Moroccans to fall into poverty.
Source (Al-Arabiya.net, Edited)
