The African Development Bank expected the real GDP growth in Morocco to reach 4.5 percent during the current year 2021.
According to the bank’s annual report on “Africa's Economic Outlook,” the real GDP growth is expected to rebound to reach 4.5 percent in 2021, in light of the economy’s recovery from a major contraction and the agricultural sector achievement of a good growth.
The bank indicated that during the third quarter of 2020, the exports recorded a recovery and is expected to be strengthened further in the short term with the increase in global demand, which would offset the stagnation in the tourism, hotels and restaurants sectors, which is expected to continue. The bank also expected the decline of the current account and budget deficits, while inflation levels would remain low.
The report showed that in 2020, Morocco obtained emergency loans from donors, including 3 billion dollars from the International Monetary Fund and 460 million dollars from the African Development Bank, to reduce the repercussions of the epidemic. In September 2020, Morocco also issued 1 billion euros of bonds. These financial contributions have strengthened the foreign exchange reserves, which represent 8.1 months of imports and three times the outstanding debt in the short term.
Source (Al Sharq Al Awsat Newspaper, Edited)
