The Moroccan Economy in Brief: Thursday, January 13, 2022
Tanger Med sets a new record and confirms Mediterranean and African leadership:
A total of 7,173,870 TEU (Twenty-Foot Equivalent Unit) containers have been processed in the Tanger Med port complex, an increase by 24% compared to 2020. This traffic is the result of the continued ramp-up of the Tangier Med 2 port after the successive start-up of the TC4 terminals in 2019 and TC3 in 2021. This achievement confirms Tangier Med's leadership in the Mediterranean and Africa, and consolidates the position of this major hub for the world's major shipping alliances led respectively by Maersk Line, CMA CGM, and Hapag Lloyd.
World Bank expects 3.2% growth in Morocco in 2022:
The Moroccan economy is forecast to expand by 3.2% in 2022, according to the World Bank's forecast published on Tuesday. In an update of its "World Economic Outlook", the international financial institution indicated that the growth rate of Morocco's economy will reach 3.2% this year due to the deceleration of agricultural production. For 2021, the Kingdom's GDP had increased by 5.3%, after a contraction of -6.3% in 2020, recalls the same source. The Middle East and North Africa (MENA) region has witnessed a "strong recovery" in the second half of 2021 and production has climbed back to its pre-COVID level in several countries, claims the Bretton Woods institution, noted that economic performance has been uneven in the region, depending on the severity and effects of the pandemic.
More than 16 billion dirhams to maintain the purchasing power of Moroccans:
The government has assigned under the Finance Act (LF) 2022 more than 16 billion dirhams (MMDH) to sustain the purchasing power of citizens, stressed on Monday the Minister of Economy and Finance, Nadia Fettah Alaoui. Responding to an oral question in the House of Representatives on "the consecutive rises in prices of consumer goods", asked by the Istiqlali Group of Unity and Egalitarianism, the Minister clarified that the factors that led to the rise in prices of some commodities are related to the international context.
Morocco 3rd fastest developing market for Porsche:
Morocco is the third fastest growing market for German luxury carmaker Porsche, according to Manfred Braunl, CEO of Porsche Middle East and Africa. Braunl also unveiled that Porsche has meaningful expansion plans for Morocco, including improving the brand's awareness in the country. Also, as part of its development strategy in Morocco, Porsche has announced the opening of 33 free charging stations for hybrid vehicles in December 2021.
The investment rate in Morocco "is among the highest in the world":
On Monday, the Minister Delegate in charge of Investment, Convergence and Evaluation of Public Policies, Mohcine Jazouli, indicated that the rate of investment in Morocco is among the highest in the world, which represents 30% of the gross domestic product (GDP) while the world average is 20%. The minister stated that this important rate has enabled the realization of a qualitative leap in terms of infrastructure, including highway networks, the high-speed train (TGV) or the port Tangier-Med.