Nigeria featured at top of the list as the largest economic power in Africa, followed by South Africa, Egypt, and Algeria.
Rabat – The World Bank has revealed Morocco’s position as the fifth strongest economy in Africa in its newly-released 2019 classification of GDP. The new data shows Morocco with a growing GDP that reached a peak in 2019. Morocco ranked 59th worldwide.
Nigeria featured at the top of the list as the largest economic power in Africa, followed by South Africa, Egypt, and Algeria.
According to the World Bank’s latest report, Morocco’s GDP stands at $118.725 billion, making it the only country among Africa’s top five with a continuously growing GDP in 2019.
The report also revealed that countries endowed with natural resources, including oil, natural gas, and minerals such as phosphates, cobalt, and iron, also have strong economies in terms of GDP.
However, economists predict that non-diversified economies, highly dependent on fossil fuel production, will take a major GDP hit in 2020 due to the severe drop in oil prices.
The ranking follows the bank’s $500 million loan to Morocco, approved on June 22 and granted to support Morocco’s plan to boost digital inclusion.
The loan is part of the Financial and Digital Inclusion Development Policy Financing Project (DPF) to boost mechanisms that promote digital transformation in the country.
The assistance came with the aim of reinforcing financial inclusion. It is also set to improve access to competitive digital infrastructure and services.
This process is a necessity for Morocco, as for many other countries, especially given the special circumstances of the COVID-19 crisis—those that prompted a drive for digitalization.
During the crisis, “Morocco’s digital transition accelerated rapidly, showing the country’s capacity for a greater scale-up,” said World Bank Maghreb Country Director Jesko Hentschel, expressing optimism for Morocco’s reforms.