Moroccan Central Bank Governor Abdellatif Al-Jouahri stressed that "the prospects for slow economic growth in Morocco in the medium term are not sufficient to improve the living conditions of citizens."
Al-Jouahri explained that "Morocco's economy grew by 7.2% in 2021 after a 6.3% contraction in 2020 under the influence of the pandemic. However, the economy is expected to return to stagnant growth, averaging 3.5 percent next year, depending on climate conditions."
The Moroccan government has approved a budget for 2022 on the basis of expectations for a growth of 3.2 percent, and a deficit of 6.1 percent, assuming an average agricultural crop.
Al-Jawahiri pointed to the weak impact of public investment in creating jobs, and to the obstacles that small and medium-sized businesses face in obtaining financing from banks. He called for "more support for export-oriented businesses, curbing social inequalities, and ensuring inclusive growth." He stressed "the need to move against corruption, improve accountability and governance, and implement reforms to the tax system and pension funds, while the country implements a development model that aims to double the per capita economic output by 2035."
Source (Al-Sharq Al-Awsat Newspaper, Edited)
