The Moroccan economy will grow 1% at the end of the year

The Arab Monetary Fund said that the expected economic growth in Morocco by the end of 2022 will not exceed 1 percent, after reviving it last year at 7.9 percent.

In its “Arab Economic Outlook” report released on Wednesday, the fund stated that the output of major cereal crops will not exceed 32 million kantars, leading to a decline in agricultural value added.

The report forecasts indicate that next year growth will reach 4 percent, assuming an average grain harvest of 75 million quintals, with an increase in agricultural value added.

The report stated that Morocco decided to continue adopting a series of measures and interventions to support economic recovery, as the Mohammed VI Investment Fund was created to finance large investment projects and develop them in partnership with the private sector.

The document also indicated that Morocco is committed to reforming social protection programs in a period of five years, through the generalization of compulsory basic health insurance, the expansion of the base of retirement pension beneficiaries and compensation for loss of job.

The measures include targeting unemployment through the “Urash” program to integrate around 250,000 people into the labor market during 2022 and 2023, with an estimated budget of 2.25 billion dirhams.

Morocco also intends to continue working with the “Forsa” program to finance pioneering social, environmental, cultural and sports projects with loans of up to 100,000 dirhams, to be repaid in ten years.

The industrial recovery plan (2021-2023) aims to modernize industrial sectors and improve their integration by replacing approximately Dh34 billion of imports with local production by 2023.

The report spoke of a plan to reactivate the tourism sector by ensuring the largest number of flights with airlines and launching extensive promotional campaigns in international markets; As well as establishing international alliances in the field of tourism.