The Moroccan King, Mohammed VI approved the bill to amend budget trends and expectations for the year 2020, following the economic repercussions of the Corona pandemic.
According to the project presented by Finance Minister Mohamed Benchaaboun, Moroccan economic growth is expected to decline in 2020, to a negative 5 percent, compared to the expectations of the Finance Law 2020 with a growth of 3.7 percent, while the budget deficit is expected to rise to negative 7.5 percent after budget incomes decline to 40 billion dirhams (4 billion dollars), while the budget law for 2020 anticipated a deficit of no more than 3.5 percent.
The Moroccan economy was clearly affected by the repercussions of the pandemic internationally and locally, and this was highlighted by comparing the economic data for May 2020, with the same month in 2019, which showed Morocco's car exports declined 90 percent and the aviation industry fell by 7, textile and clothing by 74 percent and tourism revenues are expected to fall by 70 percent, while foreign direct investment recorded a 70 percent decline.
Source (Al-Sharq Al-Awsat newspaper, Edited)
