The IMF Raises Its Growth Forecasts for Morocco in 2021

KOPI, Rabat – The International Monetary Fund (IMF) on Tuesday revised upward its growth forecast for Morocco in 2021, now expecting 5.7% against 4.5% previously.

This is one of the most robust growth rates in the Middle East North Africa region as the world tries to gradually recover from the effects of the Covid-19 pandemic. In its “World Growth Forecast”, published at the Autumn Meetings, the IMF also anticipates a growth rate of 3.1 in 2022 against 3.9 forecast in its latest report.

The Bretton Woods institution points out, on the other hand, that unemployment should climb to 12% in 2021 before falling slightly to 11.5 next year.

The consumer price index will stand at 1.4% in 2021 and 1.2% in 2022, respectively, according to the same projections. Morocco’s current account balance stands at -3.1% in 2021 and -3.3% in 2022, according to the IMF’s semi-annual report.

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.