{
  "title": "Morocco: 2021 Article IV Consultation-Press Release and Staff Report",
  "publication": "IMF Staff Country Reports, February 9, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959",
  "overlayPath": "/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959/index.md",
  "summary": "Thanks to a successful vaccination campaign, COVID19 cases have declined sharply in 2021, and the Moroccan economy is rebounding. Economic activity has recovered most of the ground lost with the severe recession of 2020 and is expected to grow at 6.3 percent in 2021.",
  "sections": [
    {
      "heading": "Overview and recent developments",
      "content": "- COVID19 cases have declined sharply in 2021 thanks to a successful vaccination campaign.\n- The Moroccan economy is rebounding and \"has recovered most of the ground lost with the severe recession of 2020.\"\n- Real GDP growth is expected to be 6.3 percent in 2021.\n- Factors propelling the rebound:\n  - \"the exceptional harvest after two years of drought\"\n  - \"continued fiscal and monetary stimulus\"\n  - \"the persistent buoyancy of remittances\"\n- Morocco emerges from the pandemic \"with a much stronger international reserve position.\""
    },
    {
      "heading": "Near-term outlook and scenarios",
      "content": "- Growth outlook:\n  - \"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.\"\n- Inflation and price pressures:\n  - \"Recent inflationary pressures remained manageable and are expected to wane in 2022, as cost pressures from global and domestic supply disruptions are reabsorbed.\"\n- External sector:\n  - After a sharp contraction in 2020, \"the current account deficit is projected to widen in 2021 and over the medium term.\""
    },
    {
      "heading": "Policy environment and drivers",
      "content": "- Monetary and fiscal stance:\n  - The rebound has been supported by \"continued fiscal and monetary stimulus.\"\n- Structural and sectoral drivers:\n  - Agricultural recovery after drought and remittances have been key drivers of the 2021 recovery."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Growth: 6.3 percent (2021); expected about 3 percent (post-2021 baseline).\n- Pandemic reference years: 2020, 2021, early 2022, 2022.\n- Pages: 61\n- Volume: 2022\n- Issue: 036\n- Series: Country Report No. 2022/036\n- DOI: https://doi.org/10.5089/9798400200588.002\n- Stock No: 1MAREA2022001\n- ISBN: 9798400200588\n- ISSN: 1934-7685"
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- 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\n- 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\n\nInternational Monetary Fund. \"Morocco: 2021 Article IV Consultation-Press Release and Staff Report\", February 9, 2022.\n\n---\n\n Content in this bundle\n\n- 1marea2022001\n  - 1marea2022001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1marea2022001 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959/bundle-manifest.json)",
    "Published: February 9, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400200588.002",
    "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:",
    "Morocco emerges from the pandemic \"with a much stronger international reserve position.\"",
    "Growth outlook:",
    "External sector:",
    "Monetary and fiscal stance:",
    "Structural and sectoral drivers:",
    "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: 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",
    "**1marea2022001**"
  ],
  "related": [
    {
      "title": "1marea2022001",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2022/english/1marea2022001.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2022/english/1marea2022001.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2022/english/1marea2022001.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959/index.md",
    "json": "/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959/index.json",
    "bundleManifest": "/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-12T08:35:44.526Z"
}