The High Commission for Planning in Morocco expected that the losses incurred by Morocco during the second quarter of this year will reach 3 billion dollars due to the consequences of the Coronavirus.
The High Commission has revised its forecasts for declining growth, as it expects Morocco to lose approximately 8.9 points in the second quarter of this year, or $3 billion, after it had expected at the beginning of April, that this loss will reach 3.8 points, or about 1.5 Billion dollars.
The Commission warned that all its expectations remain subject to change in parallel with the emergence of new data in circumstances characterized by increasing doubts about the duration of the health crisis and the severity of its effects on economic activity, as well as the impact of various measures and programs taken to support the national economy.
According to the Commission, foreign demand destined for Morocco will witness a decline of 12.6% in the second quarter of this year, affected by the decrease in imports, especially the European, which will contribute to the decline in the domestic industry destined for export.
It furtherly explained that due to the extension of domestic quarantine measures, household consumption will decrease by 2.1%, due to the decrease in expenditures related to transportation, manufactured materials, hotel, and entertainment services.
It also expected investment to continue shrinking at a rate of approximately 26.5%, affected by the decline in companies’ stocks, as the health crisis will contribute to reducing companies’ financing needs, while the prospects for a rapid recovery of demand will remain uncertain.
Source (New Arab newspaper, Edited)