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EBRD expects an economic slowdown to 1.2% for Morocco in 22

Ph. Moncef Ben Hayoun

The European Bank for Reconstruction and Development (EBRD) expects growth in the southern and economic part of the Mediterranean basin (SEMED region) to slow down to 2.5% in 2022, according to its latest regional economic outlook report, published today on the occasion of the 31st edition of the Bank’s Annual Meeting which is being held in Marrakech over 3 days.

In Morocco, the EBRD expects a slowdown to 1.2% in 2022, after 7.4% in 2021, due to the climatic effects presented on agricultural production and the impact of the war in Ukraine.

“Global supply chain disruptions and sharp increases in hydrocarbon prices are expected to continue into next year, although Morocco may experience a rebound of 3% growth in 2023 as the agriculture will recover and the pace of growth will return to pre-pandemic levels. “says the EBRD.

Overall, the impact of the war against Ukraine on the SEMED region will be felt mainly through higher oil and food prices for consumers, as well as secondary effects on budgets, food security and medium-term growth drivers. All the countries in the region are dependent on imports of petroleum products, while several, including Egypt, Tunisia and Jordan, also depend on imports of food products.

In addition, the Bank adds, there is likely to be a negative impact on tourism in some countries in this region, although new opportunities are emerging for investment in renewable energy, given the potential that these countries present to this regard.

Higher growth, of 4.8%, is projected across the region for 2023 as the recovery gains momentum in most countries and economic and governance reforms, which are progressing in all, boost the recovery.


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