Covid-19: Moroccan Economy Loses $ 2.9 Bln & 8.9 Pts of GDP in Q2

The global coronavirus epidemic will knock 8.9 points off of Morocco’s economic growth in the second quarter of 2020, says Morocco’s Statistics agency (HCP).

In its updated forecast for first semester of 2020, le “Haut Commissariat au Plan” says Covid-19 will cost the country $2.9 billion in economic loss due to a sharp drop in imports, in domestic and foreign demands.

As to the household consumption expenditure, it will fall by 1.2 pc in the second quarter of 2020 because of an expected decline in spending on energy, goods, transport, restaurants and leisure, underlines HCP.

The Moroccan tourism sector is the hardest hit by the coronavirus pandemic and the global lockdown. Air transport, hotels, restaurants, travel agencies, distribution networks, ground transportation and car rentals, event industry and several other industries & professions, have been affected by the pandemic shutdown after Moroccan authorities decided to close all international air, land, and maritime routes to prevent the spread of the virus.