Tuesday, October 26, 2021

IMF reviews upwards Morocco’s economic growth in 2021 to 5.7 %, best performance in MENA region

The International Monetary Fund (IMF) has reviewed upwards its economic forecasts for Morocco saying the Kingdom’s growth is expected to reach 5.7 % in 2021, which is the best performance in the Middle East & North Africa Region.

The IMF new outlook takes into account several factors including the resilience of Moroccan economy and the strength of its recovery.

The IMF’s forecasts are however slightly lower than those of Morocco’s Central Bank, which expects the economy to rebound to 6.2%, thanks to a revival in economic activity.

In its report entitled “World Economic Outlook”, made public on Tuesday, October 12, 2021, the IMF now expects Morocco’s growth rate for the year 2021 to reach 5.7%, while previous projections for the country were estimated at 4.5 pc. This is 1.3 points higher than the forecast rate forecast last April by the international financial institution.

Last week, the World Bank also revised upwards the growth projection of Morocco’s economy for the year 2021 (from 4.2% to 5.3%).
As was the case for the World Bank, IMF statistics show that Morocco is expected to post the most vigorous growth rate of the MENA region. Morocco does better in particular than Egypt (3.3%), Tunisia (3%), Algeria (3.4%), United Arab Emirates (2.2%), as well as Jordan (2%).

The Bretton Woods institution also points out that unemployment should climb to 12% in 2021 before falling slightly to 11.5% next year. The consumer price index will remain stable and will stand at 1.4% in 2021 and 1.2% in 2022, respectively, according to the same projections.

revised upwards the growth rate for the Moroccan economy in 2021. It is expected to record the highest growth rate among the countries of the Middle East and North Africa region (MENA).

The strength of Morocco’s economic recovery is being confirmed. After the World Bank, last week, which revised upwards the growth projection of the national economy for the year 2021 (from 4.2% to 5.3%), it is the turn of the Monetary Fund international, the other Bretton Woods institution, to increase its forecast growth rate for the Kingdom.

In its report entitled “World Economic Outlook”, made public on Tuesday, October 12, 2021, the IMF now expects Morocco’s growth rate for the year 2021 to reach 5.7%. This is 1.3 points higher than the forecast rate forecast last April by IMF teams.

As was the case for the World Bank, IMF statistics show that Morocco is expected to post the most vigorous growth rate of the MENA region. Morocco does better in particular than Egypt (3.3%), Tunisia (3%), Algeria (3.4%), United Arab Emirates (2.2%), as well as Jordan ( 2%).

The Bretton Woods institution also points out that unemployment should climb to 12% in 2021 before falling slightly to 11.5% next year.

The consumer price index will remain stable and will stand at 1.4% in 2021 and 1.2% in 2022, respectively, according to the same projections.

It should be noted that at the global level, the international institution has slightly lowered its growth projections, now counting on 5.9% this year and 4.9% in 2022, while noting the persistence in the short term of the repercussions of the pandemic and its divergent effects.

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