growth forecast at 1.5% in 2022

The Minister of Economy and Finance, Nadia Fettah Alaoui, indicated, Wednesday in Rabat, that the growth of the Moroccan economy should show a slowdown to 1.5% in 2022, against 3.2% initially forecast in the Finance law for this year.

Nadia Fettah Alaoui, who presented before the Committee on Finance and Economic Development in 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 foreign demand addressed to Morocco, particularly from the euro zone and the decline in the cereal harvest.

The Minister pointed out 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 of supply chains. global supplies, as well as heightened inflationary pressures and interest rate hikes by central banks around the world.

Regarding the most important developments related to the national economy, Nadia Fettah Alaoui mentioned 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 after the opening of air borders, in addition to the disparate results in other sectors after returning to their pre-health crisis levels. It is also about 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, against 1.4 in 2021, due to a rise in the prices of food products by 7.8% and non-food products by 3.4%.

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