Drought and pandemic, these are the two evils that hit the Moroccan economy in 2020, according to the International Global Fund (IMF). The institution, which has just completed a mission in Morocco, estimates that the economy will have to contract by 6 to 7% this year before returning again by 4.5% next year. A rebound that does not depend on the will of the authorities alone, emphasizes the IMF.
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The rebound comes from heaven, or it does not come. If precipitation resumes, Moroccan agriculture will restart after a year of severe drought. And if European flights start againtourists will return, thus restarting a sector vital to the good health of the country. Under these two conditions, Morocco could experience a marked rebound in 2021 after a black year.
The IMF also welcomes the action and even the reaction of the Moroccan authorities that have adopted a rapid response plan from the start of the pandemic and incurred significant social costs. The fund also emphasizes that the kingdom has been able to maintain its foreign exchange reserves and thus the price of its currency thanks to a decline in imports and good resilience to money transfers from the diaspora.
Finally, the IMF stresses that the investment plan recently announced by the government is going in the right direction. As well as the reform of public enterprises. For the International Global Fund, the government should also accelerate the expansion of medical coverage to all Moroccans and better harmonize the various social assistance programs.
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