Morocco’s growth will be limited to 1.3% only in 2022, down from 7.9% last year, due to external shocks and drought, Morocco’s statistics agency HCP said. While highlighting the uncertainties surrounding the global economic outlook, the agency expected Morocco’s economic growth to recover to 3.4% next year on the back of a higher agricultural output. Agriculture continues to affect Morocco’s growth prospects and the country is called upon to review its agricultural model towards more resilience to climate change, said head of the HCP Ahmed Lahlimi. Inflation however would surge to 4.9% this year due to a surge in commodity prices in the international market, notably energy, the agency said. Foreign exchange reserves would still cover six months of imports and would stand at around 32 billion dollars, it said.

Source: The North Africa Journal July 16, 2022 19:22 UTC