Morocco: 2021 Article IV Consultation-Press Release and Staff Report

IMF Staff Country Reports, February 9, 2022

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Morocco: 2021 Article IV Consultation-Press Release and Staff Report

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Bibliographic details

• Published: February 9, 2022
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400200588.002

Overview and recent developments

• COVID19 cases have declined sharply in 2021 thanks to a successful vaccination campaign.
• The Moroccan economy is rebounding and "has recovered most of the ground lost with the severe recession of 2020."
• Real GDP growth is expected to be 6.3 percent in 2021.
• Factors propelling the rebound:
  • "the exceptional harvest after two years of drought"
  • "continued fiscal and monetary stimulus"
  • "the persistent buoyancy of remittances"
• Morocco emerges from the pandemic "with a much stronger international reserve position."

Near-term outlook and scenarios

• Growth outlook:
  • "Going forward, Morocco’s growth is expected to remain at about 3 percent," conditional on "the acceleration of new cases in early 2022 prov[ing] transitory and the effects of the pandemic on activity gradually fade."
• Inflation and price pressures:
  • "Recent inflationary pressures remained manageable and are expected to wane in 2022, as cost pressures from global and domestic supply disruptions are reabsorbed."
• External sector:
  • After a sharp contraction in 2020, "the current account deficit is projected to widen in 2021 and over the medium term."

Policy environment and drivers

• Monetary and fiscal stance:
  • The rebound has been supported by "continued fiscal and monetary stimulus."
• Structural and sectoral drivers:
  • Agricultural recovery after drought and remittances have been key drivers of the 2021 recovery.

Key statistics and publication metadata

• Growth: 6.3 percent (2021); expected about 3 percent (post-2021 baseline).
• Pandemic reference years: 2020, 2021, early 2022, 2022.
• Pages: 61
• Volume: 2022
• Issue: 036
• Series: Country Report No. 2022/036
• DOI: https://doi.org/10.5089/9798400200588.002
• Stock No: 1MAREA2022001
• ISBN: 9798400200588
• ISSN: 1934-7685

Subjects and keywords (as listed)

• Subjects: Economic and financial statistics, Exchange rate arrangements, Foreign exchange, Government finance statistics, Inflation, International organization, Macrostructural analysis, Monetary policy, Prices, Public debt, Structural reforms
• Keywords: accommodative monetary policy, accounts payable, Africa, dirham exchange rate, East Africa, Exchange rate arrangements, fiscal policy stance, Global, Government finance statistics, Inflation, liability positions vis-à-vis nonresident, Maghreb, Middle East, money market rate, Morocco's exchange system, North Africa, Structural reforms

International Monetary Fund. "Morocco: 2021 Article IV Consultation-Press Release and Staff Report", February 9, 2022.

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