Acrobats, dancers and merchants of the Jemaa El Fna square in Marrakech are unemployed, since the implementation of the state of health emergency last March. In the absence of tourists, the crafts-related professions are threatened with extinction.
The lack of internal dynamism and the persistent gloom of the economic climate have been noted in the latest statistics from the Directorate of Studies and Financial Forecasts (DEPF). The only glimmer of hope is to finance the economic circuit.
In order to effectively deal with the effects of the Covid-19 health crisis, King Mohammed VI announced on Wednesday the implementation of a 120 billion dirham support plan for the economy, or 11% of the kingdom’s Gross Domestic Product (GDP).
The president of the CGEM has asked companies that have not been affected by the crisis to apply the second increase in the Guaranteed Minimum Interprofessional Wage (SMIG) first.
With the resurgence of new Covid-19 contamination cases, the possibility of a new lockdown is no longer to be ruled out. The decision, if confirmed, would be a major blow to companies already weakened by the perverse effects of the first phase of the pandemic, which has cost the national economy about one billion dirhams per day.
The strategies to be adopted in order to support the investments of Moroccans Residing Abroad (MRE) were at the heart of a working session between the Delegate Minister in charge of Moroccans Residing Abroad, Nezha El Ouafi, and a delegation from the "13th region" of the General Confederation of Moroccan Enterprises (CGEM) in charge of Moroccan entrepreneurs in the world (MeM by CGEM). This delegation, led by its president, Karim Amour, reported on the potential of MREs and their determination to support the major reform projects in Morocco.
The Moroccan economy is going through one of the most trying crises in its history, and will have to embark on a process of restarting that will take many months. These are the words spoken on Wednesday by the Minister of Economy, Finance and Public Administration Reform, during the presentation of the general framework for the preparation of the 2021 Finance Bill to parliamentarians.
Morocco’s reserves could gain an additional one to two months due to the drop in consumption. Thus, foreign exchange should be further strengthened in the second half of the current year.
In a recent report, the World Bank estimates that the Moroccan government has provided a "rapid and decisive" response to the health crisis of the coronavirus and the economic crisis that followed.
Franchise professionals in Morocco, financially diminished due to the Covid-19 crisis, are crying out for help to avoid bankruptcy.
The High Commission for Planning (HCP) forecasts a drop in Morocco’s economic growth to 5.8% for the year 2020, due to the effects of the drought and the covid-19 health crisis.
To relaunch the economy after the covid-19 crisis, the Party of Authenticity and Modernity (PAM) makes proposals to the government. Among these are the reduction of the salaries of all senior civil servants of the State and the suppression of the allowances of parliamentarians and ministers.