Remittances from Moroccans living abroad (MRE) will rebound, says Bank Al-Maghrib (BAM). They will increase from 65.8 billion dirhams (MMDH) in 2020 to 70 billion dirhams (MMDH) in 2021, and to 71.4 MMDH in 2022.
Each year, Morocco loses more than $521 million due to tax evasion. The report of the Global Alliance for Tax Justice entitled "Tax Justice: State of Play 2020", published on November 20, indicates that offshore tax evasion costs the Kingdom nearly $70 million.
Between 2000 and 2019, Morocco’s Gross Domestic Product (GDP) doubled, reaching over 1,000 billion dirhams. This is what the Minister of Economy indicated in his response, following the interventions of the parliamentary groups and groupings.
Due to the spread of the pandemic and the slow recovery, Morocco’s public finances are in poor shape. At the end of October, the kingdom is facing a budget deficit of 50.5 billion DH and tax revenues are down 13.4 billion DH.
The strict lockdown applied by Morocco due to the crisis caused by the coronavirus has dealt a heavy blow to its Gross Domestic Product. According to a report by Attijari Global Research, it will have to wait until 2022 before GDP returns to its 2019 level.
Morocco will be able to return to growth in 2021, as the impact of Covid-19 on the vital sectors of the economy fades. This is what Roberto Cardarelli, the head of the International Monetary Fund (IMF) mission in charge of Morocco, said.
Morocco has been downgraded in terms of investment quality by the international rating agency Fitch. The Kingdom’s rating has gone from BBB- to BB+.
Morocco must relaunch its tourism with more serenity and more ambition, despite the health crisis it is going through. This is what the Minister of Tourism, Handicrafts, Air Transport and Social Economy, Nadia Fettah Alaoui, indicated on Tuesday.
Bank Al Maghrib has just analyzed the means of payment in vogue in the Moroccan economy for the year 2019. Result: Moroccans are having trouble abandoning cash.
While all projections of Morocco’s economic growth for the year 2020 agree on rather optimistic prospects, the International Monetary Fund (IMF), for its part, has gone against the current. The institution made its opinion known in a document entitled "World Economic Outlook, October 2020" which has just been published.
The preliminary budget report forecasts an average annual growth rate of 4.5% between 2021 and 2023. Will this growth be sufficient to erase the damage from the health crisis?
The coronavirus has had a negative impact on the Moroccan economy, resulting in a loss of around 70 billion dirhams. This is at least what Abdellatif Jouahri, Governor of Bank Al-Maghrib (BAM), has stated.