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Morocco Among Fastest Growing Economies in 2021

Morocco Among Fastest Growing Economies in 2021

Image from Moroccoworldnews

Morocco, alongside Kenya, Ghana, Egypt, and South Africa, are all predicted to be the fastest growing African economies in 2021. The five countries are the only ones on the continent predicted to have a 2021 growth of more than 4% real GDP, a metric that reflects the values of goods, services, labor, and property. 

Morocco leads the list of five with a predicted GDP growth rate of 5.19%, according to the Global Data report. One analyst commented that Morocco’s economic strategies enabled the North African country to move ahead by “leaps and bounds,” and the nation’s recent substantial agricultural yields were also a factor in the predicted growth. 

The international community hailed Morocco’s fiscal and social response to the COVID-19 pandemic as among the best in Africa, pointing out that the country fared much better than other nations in the region. 

Although Nigeria continues to be the continental leader in terms of GDP size, its relatively unstable socio-economic situation contributed to a much lower predicted GDP growth rate, according to Global Data analysts. 

Morocco recently initiated economic agreements with several international partners, in a wide range of industries. The country’s expansions in the automotive, renewable energy, and mining industries has increasingly attracted foreign investors, and the interest of major international corporations such as Tesla, Europa Oil & Gas, and Boeing. 

Regionally, Morocco’s comparative stability and high COVID vaccination rates make it  a relatively safer investment destination for companies looking to expand onto the African continent. 

With Africa set to be an economic powerhouse in the 21st century, Morocco’s current strategy has already set the country on track to being a regional and continental leader in the global economic environment in the coming decades. 

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