WASHINGTON (Pakistan Point News / Sputnik - 10th February, 2022) Morocco's economy is expected to grow by around 3% this year, after topping middle East and African growth rates in 2021, following its recovery from the coronavirus pandemic, the International Monetary Fund said in a country update.
"After shrinking by 6.3 percent in 2020, GDP is forecast to have grown by 6.3 percent in 2021, among the highest in the Middle East and North Africa region," the IMF said in the report on Wednesday. "GDP growth is projected at around 3 percent in 2022, as agriculture output returns to average levels and non-agricultural activity continues to recover."
The IMF noted though that Morocco's labor market had not kept pace with the growth of the broader economy.
"Despite having recovered most of the jobs lost in 2020, the unemployment rate of 11.8 percent is still above pre-pandemic level, driven by a rebound of the participation rate," it said.
A fast and effective implementation of structural reforms should, however, increase the country's growth over the medium term and help it address problems across the economy, the IMF said.
