After a moment of stagnation due to the Covid-19 crisis, the Moroccan economy is reborn from its ashes, even if it remains affected by the different variations of the global pandemic.
Morocco’s GDP might grow by 3.2% in this year 2022, but to achieve generalized and inclusive growth, the Kingdom must implement a multifaceted reform program, according to the Bank’s latest report. World, on the performance of the Moroccan economy.
In this analysis returning to the difficult period experienced by the Kingdom in the first hours of the health crisis, the international institution underlines that Morocco has managed to achieve a growth rate of 5.3% in 2021, following a recovery marked by public revenues, which have enabled the government to reduce its budget deficit, but uneven, as accentuated by a GDP slowdown to 3.2% in 2022, before a real gradual recovery expected. However, the Kingdom, like other countries in the region (Egypt, Jordan, Lebanon, Oman and Tunisia) still faces debt, which is one of the major challenges for each of these nations.
The country whose economic growth was slowing before Covid-19 might double its GDP per capita, taking into account the strengthening of its human capital, while stimulating private investment and productivity, a growth trajectory compatible with the New Model of Development. ” In the future, the Moroccan economy will have to diversify its sources of growth to continue to create jobs and reduce poverty, said Jesko Hentschel, director of operations for the Maghreb at the World Bank. The New Development Model provides in particular for the implementation of large-scale reforms aimed at boosting private investment, stimulating innovation, including women in the labor market and increasing human capital. »
In other words, Morocco will have to overcome its excessive dependence on capital accumulation as the main source of growth. Indeed, various simulations suggest that, in order to double its GDP per capita by 2035, the Kingdom will need to significantly increase the contributions of productivity, labor and human capital formation to economic growth. Objectives only possible if the NMD translates into sustained and multifaceted structural reforms.
