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

_IMF Staff Country Reports, February 9, 2022_

## Source details

**Canonical URL:** [Morocco: 2021 Article IV Consultation-Press Release and Staff Report](https://www.imf.org/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959)

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## Bibliographic details
- Published: February 9, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400200588.002

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### 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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_Source: https://www.imf.org/en/publications/cr/issues/2022/02/09/morocco-2021-article-iv-consultation-press-release-and-staff-report-512959_