A report issued by the High Planning Commission revealed that the Moroccan economy contracted by 14.9 percent in the second quarter of this year, the period during which the pandemic required the application of comprehensive quarantine measures and health emergencies.
According to the report, the non-agricultural activities decreased by 15.5 percent, while the agricultural activities decreased by 6.9 percent.
After the first cases of the Coronavirus appeared, Morocco announced the quarantine and the state of health emergency, which began on March 20, with the accompanying closure of borders and the cessation of many economic activities, which prompted many local and international institutions to expect recession this year.
The figures showed the great impact of the repercussions of the pandemic in the second quarter of this year on economic growth, compared to the first quarter of the year, in which the gross domestic product witnessed a decline of 0.1 percent, noting that the Central Bank estimates expect a recession of 6.3 percent over the current year.
The report of the High Commission for Planning indicated that the internal demand decreased during the quarantine period by 13.2 percent, while the external demand decreased by 32.9 percent, in a context marked by a decrease in the general level of prices and a decrease in the need to finance the national economy.
Source (Al-Araby Al-Jadeed Newspaper, Edited)
