But opting out of some of these cookies may affect your browsing experience. The head of the IMF mission in Morocco said his team “also agrees with the authorities that the process of fiscal consolidation should be gradual and begin only once the economic recovery becomes well anchored.”. Morocco gdp growth rate for … Economic Indicators for Morocco including actual values, historical data, and latest data updates for the Morocco economy. If you use our datasets on your site or blog, we ask that you provide attribution via a link back to this page. Morocco: Economy To Post Contraction of 6.3% Before GDP Rebounds By 4.7% in 2021. Data are in current U.S. dollars. These cookies will be stored in your browser only with your consent. These measures have sustained domestic demand, protected the most vulnerable, and supported the productive system, added the statement. Nov 3, 2020 Meknes – The International Monetary Fund (IMF) estimates that Morocco’s gross domestic product (GDP) will increase by 4.5% in 2021 thanks to a … "According to the baseline scenario adopted by Bank Al-Maghrib, domestic economy would post a contraction of 6.3%, with declines of 5.3% in … Cardarelli expressed satisfaction with Morocco’s strategy to alleviate the economic and social impact of the pandemic. The Central Bank has concluded that the outlook for Morocco’s economic development in 2021 and 2022 is uncertain. Morocco's economy is expected to grow by 4.6% in 2021, after a 7% recession over the past year, according to the projections of the High Planning Commission (HCP). Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. After the sharp contraction registered in 2020, GDP growth is expected to accelerate to 4% in 2021. Morocco World News: Championing Free Speech and Thoughtful Debate Through Journalistic Excellence. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. In a press release, Roberto Cardarelli, the head of the IMF mission in Morocco, highlighted the expected effects of the drought and the COVID-19 crisis on GDP in 2020. Morocco gdp per … Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. 10 January 2021 Printable Version. ... recoveries, and deaths worldwide as of May 7, 2021… Published by Statista Research Department, Apr 20, 2021 The forecasted gross domestic product growth in Morocco for 2021 was 4.8 percent, compared to minus 3.7 … Please check your download folder. The IMF added that “the 2021 Budget continues to support the recovery over the few next years.” Authorities have already announced reforms to the social protection system starting from 2021, responding to King Mohammad VI’s directives in his Throne Day Speech. $1.6 billion Morocco’s economic freedom score is 63.3, making its economy the 81st freest in the 2021 Index. In 2021, we expect Morocco’s economy to expand by +5% thanks to the normalization of cereal crops, resumption of infrastructure projects, expansion of the manufacturing sector and the gradual recovery of world demand and tourism activity. We forecast a GG deficit, which also includes social security, local governments and extra-budgetary units, of 6.5% of GDP in 2021, after 6.9% in 2020, compared with a forecast 'BB' median of 5.2%. Morocco, however, has preserved external financing needs by adopting a resilient strategy of remittances and lowering imports, the IMF added. Morocco World News is dedicated to bringing the news of Morocco and the MENA region to a wide audience without bias or a political agenda. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Washington - Morocco's economy is expected to rebound to 4.0% in 2021, the World Bank says in its January 2021 Global Economic Prospects. By clicking “Accept”, you consent to the use of ALL the cookies. Morocco gdp for 2019 was $119.70B, a 1.36% increase from 2018. The draft budget expects the economy to grow by 4.8% in 2021 and the budget deficit to improve to 6.5% of GDP the same year. In line with the Royal guidelines spelled out in the King’s speeches, the measures are notably meant to improve social … Live statistics for Economy of Morocco. Far-reaching local lockdown measures hampered domestic economic activity, while exports decreased a whopping 15%, with tourism (which accounts for 12% of GDP) severely impacted. It is mandatory to procure user consent prior to running these cookies on your website. As of 2021, the United States and China would occupy the first two places in the world gdp ranking of both methods.The US and China's margin is coming down in nominal ranking as China's gdp growth rate of 2021 (8.24%) is much higher than the US's 3.08%. A forecast rebound of about 5% in 2021 after a steep recession. The post-COVID regional economy will lag the global recovery, according to the IMF World Economic Outlook. «Taking into account an expected rise of 4.7% in taxes and levies on products net of subsidies, the gross domestic product (GDP) should register a growth of nearly 4.6% in 2021», the HCP points out in its 2021 … 05/08/2021 Largest economies by nominal GDP in 2021 ... <$5 billion. Morocco's real gross domestic product (GDP) growth is expected to rebound to 4.8% in 2021, driven by an easing of the disruptions from the health crisis and improved rainfall following a two-year drought, MAP news agency reported citing U.S. rating agency Fitch forecasts. Growth will average 3.1% in 2022-25, underpinned by stronger trade and tourism, but the economy will remain exposed to swings in agricultural output. This category only includes cookies that ensures basic functionalities and security features of the website. We do not expect material alterations to fiscal and other economic policies after the September 2021 parliamentary elections. In this baseline scenario, agricultural output returns to meet historical trends thanks to more benign weather conditions, the vaccine rollout proceeds according to the government´s plans, monetary policy remains accommodative, and the fiscal stimulus is maintained. King Mohammed VI remains the ultimate arbiter of power, but the political spectrum is increasingly polarised. Morocco's gross domestic product shrank 6% year-on-year in the fourth quarter of 2020, less than a 7.2% decline in the previous period. The press release also stated that authorities can, meanwhile, fortify fiscal buffers through extending the tax base, increasing the progressivity of the tax system, rationalizing public administration spending and the privatization program, and financing the extension of social protection programs. If you use our chart images on your site or blog, we ask that you provide attribution via a link back to this page. We have provided a few examples below that you can copy and paste to your site: Your image export is now complete. This year’s GDP may witness a 6-7% contraction. Real GDP growth is projected to rebound to 4.5% in 2021 as the economy recovers from a severe contraction and agriculture thrives. Countries are sorted by nominal GDP estimates from financial and statistical institutions, ... Morocco: 124,003 59 Backlinks from other websites and blogs are the lifeblood of our site and are our primary source of new traffic. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Morocco has become a major player in African economic affairs, and is the 5th largest African economy by GDP (PPP). 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