"Real  GDP  growth  is  projected  to  rebound  to  4.5%  in  2021 as the economy recovers from a severe contraction and agriculture thrives," said the AfDB in its "African Economic Outlook" annual report.

During the third quarter of 2020, exports of automotive parts and phosphate and derivatives rebounded and are expected to strengthen more in the near term as global demand improves, the institution noted, adding that "this is likely to offset any continued weakness in the tourism, hotels, and restaurants sector." 

Consequently, the current account and fiscal deficit are expected to narrow, while inflationary pressure should remain subdued, according to the report.

"Rethinking the development model to enhance inclusive growth is the mission of a special commission" named by HM King Mohammed VI.

The report recalls that in 2020, Morocco  has  rapidly  accessed  emergency  funding  from  donors,  including  $3  billion  from  the  International  Monetary  Fund  and  $460  million  from  the  African  Development  Bank  to  mitigate  impact  of  the  pandemic.  

In  September  2020,  Morocco  also  issued  a  1  billion  Euro  bond.  These  inflows  bolstered  foreign  exchange reserves, which are sufficient to cover around 8.1 months of imports and three times the debt due in the short term, it added.