Morocco's economy more resilient thanks to the challenges imposed

Covid-19, Russian-Ukrainian conflict, drought… The national economy seems to have faced several obstacles which often tend to impact it negatively, however, the measures taken by the government as well as the strategy adopted to meet these challenges have played a role. significant role in its emergence.

2022 is unquestionably the most difficult year in the global economy. Several factors, including the war in Ukraine, contributed to the slump in international economic growth and the spread of unprecedented inflation that several countries could barely manage, as their economies gradually returned to normal paths. impacted by the pandemic crisis. This inflation has imposed itself in Morocco in particular as an endogenous problem, while the State has been able to contain inflationary tensions thanks to the strategies adopted.

Driss Effina, Professor of Economics at the National Institute of Statistics and Applied Economics, explained to MoroccoLatestNews that “the Russian-Ukrainian war has impacted the world economy especially in terms of the price of energy products”, adding that through this impact, “there have been multiple effects on different sectors, in particular on agri-food, in particular, cerealsreferring to the two countries in conflict as “producing area and supplying the international market. What makes this war have impacts at different levels on the international economy translated by this historical inflation“.

The expert points out that inflation has spread all over the world, noting that the Moroccan economy has not escaped it. “This has increased to around 8.1%, according to statistics for the last few months“, he added, but affirmed that “the crisis has impacted negatively, but also positively the Moroccan economy”.

For the teacher,the increase in certain products that Morocco exports was beneficial for this economy. Furthermore, the latest trade figures, compared to the rest of the world, show that there has been stability in the trade balance for products and services around 77% of the coverage rate, which is», and continues that we «is in the same level of trade with the outside, because if we take products such as phosphate derivatives, we could say that Morocco was a winner in this regard, the same for a set of agricultural products, for textile, automotive and tourism sectors“.

So the rate of increase was significant and it even managed to make up for certain deficits recorded at the level of certain products, especially agricultural products and imported energy products. There was a kind of compensation if we add the services too“, he specifies.

In addition, Pr Effina recalled that during this difficult period, “Banque Al Maghrib was forced to increase the key rate to curb consumption a little, and thus, there was a drop in loan production, in general, and therefore a return to a slight increase in interest rates. interest. What we have also observed is that there has been a very strong regression in the construction sector and housing construction, and when we look for the deep explanation, we will find that it is linked to the conflict since there has been inflation in the price of construction products“.

And finally, our interlocutor said that there is a kind of catch-up, which means that the Moroccan economy has managed to compensate for the negative impacts, which he considers an important fact. “This shows that she remains very resilient and adapts well. This diversity of levers that contribute to the creation of added value has played in favor of the Moroccan economy.“, he concludes.

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