Morocco’s gross domestic product is set to recede in the second quarter by 1.8% as the coronavirus and the measures relating to it halted most of services and hit sectors that are vital to foreign currency revenues, the high commission for planning HCP said. The economy is expected to grow only by 1.1% in the first quarter as drought further worsened Morocco’s macro-economic indicators. Exports are plunging with faltering foreign demand on Morocco’s sales of cars, phosphates, textile and a suspension of tourism due to the confinement. In April only, Morocco’s economy is expected to have lost 1 billion dollars due to the confinement. The IMF liquidity line is expected to help the country pay its imports and send a positive signal to foreign investors.

Source: The North Africa Journal April 09, 2020 02:37 UTC