Rabat – Zineb El Adaoui, President of Morocco’s Court of Auditors, has highlighted the success of the country’s efforts to mitigate the economic fallout of the COVID-19 pandemic.
Speaking at the House of Representatives on Wednesday, El Adaoui said that the national economy grew by more than 7% in 2021, after it had declined as a whole by 6.3% in 2020.
She also stated that Foreign investments grew up to 20.5% in 2021. According to Morocco’s Exchange Office, the flow of Foreign Direct Investments (FDI) in 2021 reached MAD 20.17 billion ($2.01 billion); whereas in 2020, it only stood at MAD 16.74 billion ($1.67 billion).
Despite the ongoing pandemic, Moroccan remittances in 2021 amounted to MAD 93.3 billion ($9.3 billion), growing by 36.8% from 2020, El Adaoui added.
She mentioned that Morocco made substantial efforts in overcoming the COVID-19 both during the first phases when the pandemic was spreading at a rapid rate and the latest phase that is the vaccination process.
Jihad Azour, the Director for North Africa, Middle East and Central Asia at the International Monetary Fund (IMF), said earlier this month that Morocco is among the countries that rapidly reacted to the COVID-19 pandemic.
Read also: IMF Commends Morocco’s Effective Strategy to Mitigate COVID-19 Impact
He notably commended the Moroccan government’s highly efficient vaccination plan, saying it allowed the North African country to reach a “high level” of national immunity against the virus.
Azour also recalled that Morocco has implemented a number of structural reforms to alleviate the pressure of the COVID crisis, including the expansion of its social protection system and other economic measures aimed at mitigating the consequences of the pandemic for vulnerable populations.
All of these carefully laid out plans allowed Morocco to bounce back from the recession of 2020 and the effects of the COVID-19 pandemic.
