Morocco’s King underscores resilience of Moroccan economy

King Mohammed VI highlighted the resilience shown by the Moroccan economy in a troubled region, amid a difficult global context marked by the pandemic’s repercussions.

The pandemic had an unprecedented impact on the Moroccan economy but thanks to measures spurred by the King, the economy is on track to recovery.

“The growth rate is expected to exceed 5.5% in 2021 – a rate which we have not seen in many years and which is among the highest at regional and continental levels,” the King said in a speech on the occasion of the opening of the parliament after September elections.

The King also highlighted the development of the Agricultural output, which is expected to grow 17% this year, following good harvest and on the back of modernization of the sector.

Inflation was kept at 1% “which is significantly lower than the high inflation rates seen in a number of countries in the region,” said the King.

The rise in exports and remittances by Moroccans abroad enabled the Kingdom to have a comfortable level of foreign exchange reserves covering 7 months of imports.

These indicators boosted confidence of families and investors in the Moroccan economy whose outlook is now promising, said the King.

Despite the positive environment, we should remain realistic and continue to work in a responsible manner and with a keen sense of patriotism, avoiding any pessimism or negative discourse.