Morocco’s economic growth to pick up to 4.6% in 2021- HCP says
Morocco’s economic growth is expected to pick up to 4.6% in 2021 after a 7% loss in 2020 due to the coronavirus pandemic which hit both exports and local market, the Moroccan high commission for planning, HCP, said.
Citing a severe drought and the coronavirus pandemic impact, the HCP said that the economy is expected to recover this year as demand on Moroccan exports improves.
The Moroccan vaccine efforts has given hope for a swift return to normalcy and the opening up of borders to unlock tourism whose added value nearly halved last year, it said.
The 2021 growth forecast was put forward in a context marked by uncertainties due to the pandemic and an expectation of a 4.7% rise in taxes this year, the HCP said, adding that it expects an average crop year of 75 million quintals.
The budget deficit is expected to drop to 6% from 7.5% the HCP said noting a rise in the trade deficit and external debt.