Morocco’s economic growth is expected to rebound to 4.6 pc in 2021 as drought conditions ease, policy remains accommodative, and virus and vaccine trends are favorable, says the World Bank in its latest report on global economic prospects.
The updated WB projections, which are taking into account various external and internal factors, confirm the International Monetary Fund’s forecast for Morocco wherein unemployment is expected to drop from 11.9 pc in 2020 to 10.5 pc in 2021 and 9.7 pc in 2022.
For the Middle East & North Africa region, the WB says GDP is expected to grow by 2.4 pc in 2021 as the region will benefit from the recent rebound in oil prices, stronger external demand, and less economically disruptive new outbreaks.
According to the World Bank report of June 2021, growth in MENA region is expected to strengthen further in 2022 to 3.5 pc but ease to 3.2 percent in 2023. Firming activity in 2022 will be underpinned by increasingly robust private consumption and investment growth, as mobility restrictions ease and vaccinations progress.
Yet, the outlook is still highly uncertain and tied to the course of the pandemic and vaccine rollouts, says the WB.