In particular, significant FDIs continue to flow into automotive industries, especially in the new Peugeot plant – that will eventually double the sector’s production capacity – as well as into logistics and trade services following the expansion of the Tangiers port. Press Data privacy | © Société Générale 2020. Inflation is projected to average around 1% over the medium-term. Economy | October 5th 2020 Morocco issues international bond. The World Bank’s Doing Business rating of Morocco for “Registering Property” improved in 2019 after the government made property registration easier by increasing the transparency of the land registry/cadaster and streamlining administrative procedures. Report It to Us. It has the greatest reserves and is the leading exporter of phosphate in the world; tourism is a key sector. Twitter About The decrease was less than the previous quarter due to the easing of restrictions measures to contain the COVID-19 pandemic, it added. The economy is estimated to have contracted around 14% in the second quarter (Q1: 0.1% year-on-year), as the country felt the full impact of the coronavirus pandemic. On the demand side, private consumption will contribute the most to growth, boosted by higher salaries and low inflation. Business Freedom 70.4 Create a Graph using this measurement, Labor Freedom 33.0 Create a Graph using this measurement, Monetary Freedom 77.0 Create a Graph using this measurement. Morocco’s Alaouite royal family dates from the 17th century. Latest Update: September 2020, Technical support | Morocco's gross domestic product plummeted 14.9% year-on-year in the second quarter of 2020, compared to a 0.1% growth in the previous period. Global data and statistics, research and publications, and topics in poverty and development, Morocco's Economic Update, October 2019 [PDF], Environmental and Social Policies for Projects. Many university graduates are unprepared to succeed in the job market. Indeed, GDP growth decelerated sharply in 2019 to 2.3 percent, down from 3 percent in 2018. This site uses cookies to optimize functionality and give you the best possible experience. Morocco’s twin deficits are projected to deteriorate but remain manageable. This issue covers macro-economy to business environment and private sector development as well as prospects for economic rebound. The COVID-19 crisis led to the preparation of a Revised Finance Law, the first in 30 years. Morocco’s $3.6 billion response fund, $12.97 billion stimulus package, and plans for universal social security are part of its goal to balance the economic and social challenges of COVID-19. Morocco’s economic freedom score is 63.3, making its economy the 78th freest in the 2020 Index. Three Index areas in particular are holding back economic freedom in Morocco. Online Store To learn more about cookies, click here. The average applied tariff rate is 3.2 percent, and 42 nontariff measures are in force. The Moroccan economy is in the moderately free category for the sixth year in a row. Hit by a three-month-long COVID-19 lockdown, this poor performance is expected to continue into the third quarter as the pandemic is still spreading with a daily average of 2,000 new cases in Morocco. Despite lower imports, the current account deficit is expected to widen to 8.4 percent in 2020 reflecting sharp declines in goods export, tourism revenues, and remittances. This June 2020 MEM issue includes a chapter on Morocco’s economic outlook in light of the COVID-19 pandemic and the consecutive economic crisis it generated. The contribution of net exports will remain negative, reflecting low competitiveness of exports and dependence on energy imports. RABAT, Oct. 6 (Xinhua) -- Morocco's economy declined by 8.7 percent in the third quarter of 2020 amid COVID-19 pandemic, the state planning agency (HCP) said Tuesday. Its overall score has increased by 0.4 point, reflecting an improved score for property rights. Property Rights 66.3 Create a Graph using this measurement, Judicial Effectiveness 48.0 Create a Graph using this measurement, Government Integrity 39.2 Create a Graph using this measurement. IMF – World Economic Outlook Database, 2020), (Source: Read more about Morocco Economy. As a result, the overall fiscal deficit is projected to widen to 7.5 percent of GDP in 2020, almost 4 percentage points larger than projected pre-COVID-19. More. The Morocco Economic Monitor (MEM), a semi-annual report from the World Bank economic team, presents recent economic developments and economic policies. We invite you to read the new versions. Morocco requires increased financing owing to the fallout from the pandemic, driving up public debt in 2020-21. Any Comment About This Content? Google+, © Copyright: 2020. 5 years of Morocco economic forecasts for more than 30 economic indicators. Growth is expected to pick up gradually and average 3.3 over 2020–2021, mainly driven by more dynamic secondary and tertiary activities, bolstered by high foreign investments. All Rights Reserved. The World Bank Group works in every major area of development. Click on the button below to get started. Morocco’s economy contracted by 14.9 percent in the second quarter of 2020, compared to a 0.1-percent growth in the first quarter, the state planning agency said Wednesday. The decrease was less than the previous quarter due to the easing of restrictions measures to contain the COVID-19 pandemic, it added. The financial system is fairly well developed, and financial intermediation is gradually increasing. On the fiscal front, revenue (excluding those from the COVID-19 Fund) are projected to materially contract while expenditures are projected to increase in 2020 on the back of additional spending on health, social protection, and other COVID-19 policy responses.
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