The European Bank for Reconstruction and Development expected Morocco's GDP to rise by 1.2 percent in 2022, before rising to 3 percent in 2023, with the pace of growth returning to the rate before the outbreak of the epidemic.
According to a report by the European Bank for Reconstruction and Development reviewing its economic forecasts, the Moroccan economy in 2022 will face unfavorable weather conditions that affect agricultural production, in addition to the impact of the war in Ukraine. These forecasts take into account the effects of drought, which is expected to put pressure on domestic food prices and force the country to increase its food imports, at a higher international price.
The European Bank for Reconstruction and Development is likely to continue these risks in the next year, although the year 2023 may witness a recovery in growth, which is expected to reach 3 percent, with agriculture recovering and the pace of growth returning to pre-pandemic levels.
The Moroccan economy witnessed a strong recovery in 2021, with a GDP growth of 7.4%, after a 6.3% contraction in 2020 due to the epidemic. This recovery is mainly due to a record harvest and a recovery in manufacturing, trade, construction and business services, under one of the best vaccination programs within the EBRD regions.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
