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Rabat – The World Bank appears to be satisfied with the reforms Morocco introduced to ensure more economic growth and post-COVID-19 recovery.
On June 29, the bank issued a report recalling Morocco’s measures to mitigate the COVID-19 crisis.
The bank emphasized that Morocco has taken advantage of the COVID-19 crisis by utilizing the opportunity to launch an “ambitious program of transformation reforms.”
Among the reform’s pillars, is the country’s decision to create the Strategic Investment Fund also known as the Mohammed VI Fund dedicated to supporting the private sector.
The fund, which is worth $4.85 billion, seeks to prioritize productive economic activities, including major infrastructure projects.
The fund also seeks to support companies with equity capitals to boost job creation potential.
The reforms also include Morocco’s decision to renew its development model. The plan calls for large-scale programs that aim to curb social disparities and promote sustainable development across the country.
For the World Bank, Morocco’s suggested reforms could lead to a “stronger and more equitable growth path” if they are “successfully implemented.”
The bank said the reform could increase the growth potential of the Moroccan economy in many ways, including raising the contributions of “living standards and accelerate the growth of aggregate output.”
The World Bank report further said that recovery from the economic crisis will be gradual and will likely be “uneven.”
The bank said that Morocco’s real GDP number will not go to its pre-pandemic level until 2022, suggesting that the “cumulative output loss caused by the crisis will be large.”
The projection of the bank suggests that Morocco’s real GDP growth is set to increase to 4.6% in 2021.
The growth will be attributed to a “stronger” performance in the agricultural sector.
The World Bank stressed that the balance of the economy is entirely dependent on the COVID-19 situation.
“Moreover, the balance of risks remains tilted to the downside given the global spread of new and more infectious coronavirus variants, the supply constraints that are affecting Morocco´s vaccination campaign, and the macro-financial vulnerabilities triggered by the crisis.”
Morocco managed to secure millions of doses of the vaccine, but the global supply shortage is increasing concerns worldwide due to the lack of sufficient doses available to meet global demands.
Morocco launched its vaccination campaign on January 28, ordering over 60 million doses of vaccines.
To date, the number of people fully vaccinated in Morocco has reached 9,9116,132.
Over 9,993,673.people have received the first dose of the vaccine. Morocco is targeting a vaccinated population of 33 million or 80% of the population.
