Morocco, 5th best African economy on Forbes List 2021

Morocco, 5th best African economy on Forbes List 2021

Morocco is expected to emerge as the fifth best performing economy in Africa this year despite adverse international economic juncture, says Forbes Middle East list 2021 drawn on basis of the International Monetary Fund and the World Bank data.

The IMF expects Morocco’s real GDP to grow by 4.5 pc this year, after a contraction of 7 pc in the previous year due to the pandemic that devastated the economy, affirm the experts of Forbes.

According to IMF forecast, Morocco’s GDP is expected to jump by 9.2 pc to $124 billion this year, from $113.55 billion in the previous year.

In April 2021, the World Bank said the global health crisis generated by Covid-19 pandemic with an agricultural shock pushed the Moroccan economy into recession last year.

But, “the Moroccan government response to the crisis has been appropriate, and the ambitious reforms being implemented could set the stage for a solid recovery”, underlined the WB.

The Moroccan government has announced a plan to prop up economic recovery and employment by allocating $13.5 billion mainly as credit guarantees to firms and funding for a newly-created Fund for Strategic Investment to support investment projects and firms that need equity injections to develop their business.

According to Forbes Middle East list 2021, Nigeria is expected to remain the leading African economy with an estimated GDP of $514 billion. It will be followed by Egypt, South Africa and Algeria.

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