“In Morocco, production is expected to rebound by 4.6% in 2021 under the influence of several factors, namely a reduction in drought-related problems, the maintenance of accommodative policies and the easing of restrictions on internal movements,” it says. The World Bank in its June “World Economic Outlook” for the Middle East and North Africa (MENA) region.
In 2022, Morocco’s economy should stand at 3.4% growth, predicts the Washington-based institute.
In its biennial report last April, the International Monetary Fund (IMF), for its part, had expected the Moroccan economy to grow at 4.5% in 2021 and 3.9% for 2022.
In the MENA region, the World Bank expects output to increase by 2.4% in 2021, “which corresponds to higher-than-expected sustained growth but below the average for the previous decade (2010–2019)”.
“The sector should benefit from the recent recovery in oil prices, increased external demand and the mitigation of economic disruptions due to the pandemic,” the international financial institution said, with a spurt in vaccinations, easing of travel restrictions, easing of oil cuts. To reduce production and fiscal problems, the growth rate is expected to increase to 3.5% in 2022.
“Nevertheless, the outlook is uncertain and depends on the evolution of the epidemic, access to vaccines and the willingness of the population to vaccinate,” notes the report.
In oil-exporting countries, higher oil prices will boost public revenue growth and recovery, the same source says, with prices expected to average $62 a barrel in 2021 and 2022.
Saudi Arabia is expected to grow by 2.4% this year and 3.3% next year due to positive developments in the pandemic, higher oil prices and lower oil prices. Production cuts, as well as the start of a new public investment programme, says the World Bank.
The pandemic will continue to put a brake on growth in oil-importing countries, with the Bretton Woods Institute noting that in Egypt, growth is expected to slow to 2.3% in fiscal year 2020/21, with tourism slowing as a result of the pandemic. , manufacturing and oil and gas extraction sectors, before recovering in the fiscal year 2021/22.
Globally, growth is expected to grow 5.6% in 2021 mainly due to a strong rebound in the United States and China. According to the World Bank, the recovery will be uneven given the lasting effects of the pandemic on emerging and developing countries.