Data from the High Commission for Planning in the Kingdom of Morocco (the official body in charge of statistics) showed that the unemployment rate in Morocco fell to 11.8% in 2022, amid indicators of recovery from the repercussions of drought and war in Ukraine.
According to the agency, the unemployment rate fell from 12.3 percent in 2021 to 11.8 percent in 2022.
The data showed that the number of unemployed in the domestic market shrank by 66,000, reaching one million and 442,000 nationwide.
The unemployment rate in urban areas decreased from 16.9 percent in 2021 to 15.8 percent in 2022. Rural unemployment rose to 5.2 percent, up from 5 percent year-on-year. Youth unemployment between the ages of 15 and 24 was 32.7 percent.
In December, Morocco's central bank decided to raise interest rates by 50 basis points to 2.5 percent, up from 2 percent, in an attempt to break high inflation resulting from the fallout from the war in Ukraine and drought. The central bank announced that the decision comes in order to "avoid stabilizing inflation expectations and facilitating its return to rates consistent with the goal of price stability. The bank predicted that the growth of the Moroccan economy will accelerate to 3 percent in 2023.
Source (Anadolu Agency, Edited)
