Arab Monetary Fund expects slow growth of Moroccan economy

The Arab Monetary Fund had expected Morocco’s economic growth to not exceed 1% in 2022 after recording a 7.9% recovery last year.

In its latest Arab Economic Outlook report, released on Wednesday, the Fund noted that the production of major cereals will not exceed 32 million cantars, which will reduce the value added in agriculture.

The report expects Morocco’s economic growth to hit a record 4% next year, “assuming an average grain harvest of 75 million cantars is achieved with increased value-added agriculture.”

The Arab Monetary Fund noted that Morocco “decided to continue with a range of measures and interventions to support economic recovery, as the Mohammed VI Investment Fund was established to finance major investment projects and develop them in partnership with the private sector.”

The report also indicated that Morocco “depends on reforming social protection programs within five years through universal compulsory basic health insurance, expanding the beneficiary base for old-age pensions and compensation for job loss.”

The measures were reported to include “fighting unemployment through a program (Urash) to integrate nearly 250,000 people into the labor market during 2022 and 2023, with a budget estimated at AED2.25 billion.”

In addition, “Morocco intends to continue with the (Forsa) program to finance innovative social, environmental, cultural and sports projects with loans of up to AED 100,000 repayable over ten years.”

In the same context, the “Industrial Recovery Plan (2021-2023) aims to modernize industrial sectors and increase their integration by replacing approximately AED 34 billion of imports with local production by 2023.”

The report of the Arab Monetary Fund mentions “a plan to revive the tourism sector by providing the largest number of flights by airlines, launching extensive advertising campaigns in international markets, and establishing international partnerships in the tourism sector.”

Source: Hespress

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