The IMF: with a growth of 5.7% in 2021, Morocco signs the best performance in the MENA region

The Moroccan economy’s growth rate for 2021 has been increased upwards by the International Monetary Fund (IMF). It is predicted to have the greatest growth rate among Middle Eastern and North African countries (MENA).

Morocco’s economic recovery is showing signs of strength. Following the World Bank’s revision of the national economy’s growth projection for 2021 (from 4.2 percent to 5.3 percent) last week, it is now the time of the International Monetary Fund, another Bretton Woods organization, to raise its anticipated growth rate for the Kingdom.

Morocco’s growth rate for 2021 is now expected to reach 5.7 percent, according to the IMF’s “World Economic Outlook,” released on Tuesday, October 12, 2021. This is 1.3 percentage points higher than the IMF’s April predicted rate.

Morocco, like the World Bank, is predicted to have the strongest growth rate in the MENA area, according to IMF figures. Morocco outperforms Egypt (3.3 percent), Tunisia (3%), Algeria (3.4 percent), the United Arab Emirates (2.2 percent), and Jordan (2.2 percent) (2 percent).

The Bretton Woods institution also predicts that unemployment would rise to 12% in 2021 before decreasing to 11.5 percent the following year. According to the same estimates, the consumer price index would stay constant, rising to 1.4 percent in 2021 and 1.2 percent in 2022.

It should be mentioned that the International Monetary Fund has somewhat cut its global growth forecasts, now forecasting 5.9% this year and 4.9 percent in 2022, while stressing the pandemic’s ramifications will endure in the short term. And the various consequences it has.