Morocco’s output is expected to slow this year from the previous year’s rebound as the Kingdom’s agricultural performance returns to historical averages after the extraordinary performance of the primary sector in 2021, explains the WB.
In the MENA region, growth is projected to reach 4.4 percent in 2022 and 3.4 percent in 2023. The region has been falling further behind advanced economy per capita income levels, and this trend is projected to accelerate, says the World Bank.
According to the bank’s outlook, further covid-19 outbreaks, social unrest, high debt in some economies, and conflict could undermine economic activity in MENA.
With less than two-fifths of the population of MENA fully vaccinated, concentrated in the region’s high-income economies, economic disruptions related to the pandemic remain a major risk, warns the international financial institutions, saying the rapid spread of Omicron may undermine global demand and lead to a retrenchment in oil prices.
Global growth is expected to decelerate from 5.5 percent in 2021 to 4.1 percent in 2022 and 3.2 percent in 2023 due to the uncertainties exacerbated by the spread of coronavirus variants alongside inflation, debt, and inequality intensifies.