King Mohammed VI of Morocco announced that, thanks to the measures that have been implemented, Morocco is expected to achieve a growth rate exceeding 5.5% in 2021. This is a rate that has not been achieved in years and is among the highest regionally and internationally.
In a speech to parliament members on the occasion of the opening of the first session of the first legislative year of the eleventh term, King Mohammed VI noted that the agricultural sector is expected to record outstanding growth exceeding 17% in 2021, due to efforts made to modernize the sector and the good results of the agricultural season. He added that exports have seen a significant increase in several sectors, such as the automotive industry, textiles, and electronic and electrical industries.
The Moroccan monarch highlighted in his speech that despite the repercussions of the Corona crisis, confidence in the dynamics of the country's economy continues, as evidenced by a nearly 16% increase in foreign direct investments and approximately a 46% rise in remittances from Moroccans abroad up to last August. He continued by saying that these developments have enabled Morocco to maintain comfortable foreign currency reserves equivalent to seven months of imports. Despite the difficulties and fluctuations in global markets, the inflation rate has been controlled at around 1%, far from the high rates seen in many economies in the region.
