The Moroccan Economy in Brief: Wednesday, January 12, 2022

Fed rate hike: IMF highlights risk for emerging countries:

The International Monetary Fund (IMF) released a blog note today saying that emerging countries should prepare for an interest rate hike in the U.S. because a faster-than-expected tightening of U.S. monetary policy could destabilize financial markets and encourage capital outflows as well as a depreciation of some currencies. The IMF, which is scheduled to launch new economic forecasts on January 25, has already forecast that they will be reduced due to the health situation. it argues that a gradual and well-timed tightening of the Fed's strategy would probably have little impact on emerging economies, as the impact of higher financing costs would be offset by foreign demand. However, the Fund considers that a generalized rise in US wages or the persistence of bottlenecks in supply chains could lead the Fed to speed up the rise in interest rates.

Tangier Med: A special ferry for the return of Europeans stranded in Morocco:

The French authorities are organizing to facilitate the return to France of Europeans stranded in Morocco as a result of the border closure. A special ferry will be set up on January 19, in conjunction with the Moroccan authorities for this operation, which will connect the port of Tangier Med to Marseille. People living in Europe and wishing to reach France by sea will still have to comply with the conditions for entry into France. The flights and special crossings operate only in the direction Morocco-France. Note that in case of exit from the Moroccan territory and until further notice, people who reside in Morocco will not be able to return, given the suspension of connections to the Kingdom.

Eurozone: Unemployment rate keeps on dropping:

The improvement goes on in the euro zone. The unemployment rate in the zone continued to decline in November, with the rate reaching 7.2% of the active population, after 7.3% in October and 7.4% in September, Eurostat declared on Monday. This situation is due to the rebound of the European economy since the spring, after the shock of the Covid-19 pandemic. For the European Union (EU) as a whole, unemployment dropped by 0.2 points in November, compared to the previous month, to 6.5%, according to the European statistics office. Some 13.98 million men and women were unemployed in the EU in November, including 11.83 million in the 19 countries which form the single currency. The improvement is clear over a year. Unemployment affected 8.1% of the active population in the euro zone in November 2020 and 7.4% in the EU.

The transfers of the Moroccans of the world amount to 100 MMDH in 2021:

The transfers of Moroccans of the world (MDM) have achieved 100 billion dirhams (MMDH) last year, indicated on Monday by the Minister Delegate in charge of Investment, Convergence, and Evaluation of Public Policies, Mohcine Jazouli. Speaking at the House of Representatives, Jazouli reported that the remittances of MDMs increased from 70 MMDH in 2020 to 100 MMDH in 2021, despite the impact of the Covid-19 pandemic. The Minister emphasized that 10% of these transfers recorded last year have been channeled into investment, noting that 8 MMDH have been invested in the real estate sector and 2 MMDH in productive sectors.

ONHYM gives its opinion on the new gas discovery in Morocco:

On Monday, the National Office of Hydrocarbons and Mines (ONHYM) reported "encouraging results" from the Anchois- 2 drilling. "Following the encouraging results of geological and geophysical studies, it has been agreed to drill the well named Anchois - 2, which is located 38 km off the city of Larache and 87 km from the city of Kenitra," the Office stated in a release, indicating that the drilling work started on December 17, 2021 to reach a final depth of 2,512 m on December 31. The Office also specifies that the preliminary interpretation of the data confirms "the presence of a gas accumulation at the level of the well Anchois - 2" on a total net thickness of 100 m, spread over 6 zones, with a depth varying from 8 to 30 m for each.