Nadia Fettah, who presented to the Finance and Economic Development Committee at the House of Representatives a presentation on “the execution of the 2022 Budget and the three-year budget programming 2023-2025”, explained that this slowdown is due to the drop in foreign demand addressed to Morocco, particularly from the euro zone and the decline in the cereal harvest.
In this regard, the Minister noted that internationally, global economic growth forecasts for 2022 have been revised downwards, due to the war in Ukraine which has led to higher commodity prices and disruption global supply chains, as well as heightened inflationary pressures and interest rate hikes by central banks around the world.
With regard to the most important developments related to the national economy, Mrs. Fettah referred to the delay in rainfall at the beginning of the agricultural campaign which led to a significant drop in the cereal harvest, the great recovery of the tourism and transport following the opening of air borders, in addition to the disparate results in other sectors following returning to their pre-health crisis levels. It is also regarding the acceleration of loans granted to the private sector in addition to a slight drop in the unemployment rate without however returning to its pre-crisis levels.
Also, the Minister indicated that the inflation rate should exceed 5.3% in 2022, once morest 1.4 in 2021, due to a rise in the prices of food products by 7.8% and non-food products by 3.4%.