The Moroccan Economy in Brief: Thursday, July 30, 2020
World Tourism: Losses estimated at $320 billion:
The Madrid-based World Tourism Organization (UNWTO) estimates that losses in the world's tourism sector due to the new coronavirus could amount to $320 billion. "This is more than triple the losses (...) recorded by international tourism during the 2009 global economic crisis," the UNWTO said in its barometer on the effects of the pandemic on tourism receipts.
Moroccan banks: Net weighted risks increase to MAD 992 billion:
The net weighted risks of banks increased by nearly 6% to MAD 992 billion at the end of 2019, according to Bank Al-Maghrib (BAM). These risks are made up of 84% of credit risks, 9% for operational risk and 7% for market risk, BAM said in its annual report on banking supervision in 2019, noting that on a consolidated basis, these risks reached MAD 1,377 billion.
Covid crisis: 67% of Moroccan companies will not make the investments planned for 2020:
The investments planned for the year 2020 will not be fully realized for 67% of companies, according to the High Commission for Planning (HCP). Thus, 29% of companies plan a postponement, 17% a cancellation and 21% a reduction, specifies the HCP in a note on the resumption of business activities following the lifting of the containment imposed by the health crisis related to the pandemic of the new coronavirus (covid-19).
Health crisis: 71% of companies fear a reconfinement:
A proportion of 71% of companies fear a return to containment imposed by the health crisis linked to the pandemic of the new coronavirus (covid-19), according to the High Commission for Planning (HCP). By category of companies, half of very small enterprises (VSEs) declared that the restrictive measures put in place by the administrative authorities to limit the spread of Covid-19 constitute an obstacle to a normal resumption of business activity, the HCP indicates in a note on the resumption of business activities following the lifting of containment.
Payment terms for Public Establishments and Enterprises: An average of 40.58 days by the end of June 2020:
According to the Ministry of Economy, Finance, and Administrative Reform, the average payment period declared by all Public Establishments and Enterprises (EEPs) was 40.58 days at the end of June 2020 compared to 50.6 days in June 2019. "At the global level, the positive trend observed since December 2018 is confirmed. In fact, the average payment period declared by all EEPs reached 40.58 days at the end of June 2020 against 50.6 days in June 2019," the ministry underlined in a press release published on Wednesday.