Global Data: Morocco’s economy fastest growing in Africa in 2021
Morocco tops the list of the five fastest-growing economies in Africa in 2021, Global Data, an international consulting and data analysis firm, said Monday in its latest report.
Global Data expects the Kingdom to record a 5.19% growth rate, i.e. the highest rate on the continent in 2021.
With this predicted GDP growth rate, Morocco leads the list of five countries, including also Kenya, Ghana, Egypt, and South Africa, according to the Global Data report, which predicts that these five countries are the only ones on the continent to have a 2021 growth of more than 4% real GDP, a metric that reflects the values of goods, services, labor, and property.
One analyst commented that Morocco’s economic strategies enabled the North African country to move ahead.
Gargi Rao, economic research analyst at GlobalData, was quoted in the report as saying, “Morocco has been moving ahead in leaps and bounds in recent years”. The expert, who highlights the Kingdom’s agricultural performance, notes that Morocco’s “expected growth of 5.19% was also influenced by its effective vaccination drive, accommodative monetary policies and fiscal stimuli.”
The international community hailed Morocco’s fiscal and social response to the COVID-19 pandemic as among the best in Africa, pointing out that the country fared much better than other nations in the region.
The Global Data report also points out that “having witnessed its worst recession in half a century in 2020, Africa’s economy is forecast to grow at a healthy pace of 3.8% in 2021.”