Morocco: Growth Forecast at 3.2% in 2022

The growth rate of Moroccan economy should reach 3.2% in 2022 and 5.6% in 2021, under the assumption of a cereal production of 70 million of quintals (Mqx), according to the general framework for the preparation of the 2022 Draft Appropriation Bill, presented Wednesday at a meeting held jointly by the Finance and Development Committee of the House of Representatives and that of Finance, Planning and Economic Development of the House of Advisors.

The national economy should regain its momentum with a growth rate of 3.8% in 2023, before reaching 4% in 2024, according to this general framework presented by the Minister of the Economy, Finance and Administration Reform. The issues related to the development of the Draft Appropriation Bill mainly concern an increase in expenditure by civil servants of 6.5 billion dirhams and a compensation of +3.5 billion dirhams.

The preparation of the Draft Appropriation Bill will also have to take into account the generalization of social protection (8.4 billion dirhams), the reform of the education and health sectors (1.8 billion dirhams), as well as the consolidation of investment projects under way (800 million dirhams).

Also, a set of measures will have to be taken in terms of expenditure, including the continued rationalization of expenditure linked to the management of administration and the financing of new projects. The bill takes into account in particular the requirements linked to the gradual reform of the Subsidies Fund, in accordance with the provisions of the framework law on social protection in parallel with the generalization of family allowances.

With regard to the measures to be taken at the level of resources, they concern widening the tax base and improving the collection within the framework of the implementation of the provisions of the framework law relating to tax reform, establishing new fiscal resources in order to finance the generalization of social protection, as well as continuing the development of innovative financing.

The reference framework of this bill concerns the implementation of the directives laid down in the royal speeches as well as the recommendations of the New development model.

It sets as priorities the consolidation of the bases for reviving the national economy, the strengthening of mechanisms for integrating and generalizing social protection, the strengthening of the human capital, the reform of the public sector and the strengthening of governance mechanisms.

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