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Morocco's GDP Expected to Grow by 2.9% in 2022
Casablanca - The national economy is expected to grow by 2.9% in 2022, according to the High Planning Commission (HCP).

"Given an increase in taxes and duties on products net of subsidies of nearly 3.9%, the gross domestic product (GDP) is expected to grow by 2.9% in 2022 after an expected rebound of 7.2% in 2021", HCP said in its 2022 economic forecasts. Inflation would reach 1.8% in 2022, the source added.

"The national economic growth forecasts for the year 2022 are based on a scenario of an average cereal production during the 2021/2022 agricultural campaign and take into account the new provisions of the 2022 finance law", said the HCP, which specifies that these projections are also based on the continued improvement of global demand addressed to Morocco, the consolidation of direct investments abroad and the maintenance of remittances from Moroccans living abroad.

However, HCP noted, these prospects "are subject to strong uncertainties" linked to the evolution of the pandemic situation, in particular the appearance of possible variants, considering that the resulting restrictive measures are expected to have a negative impact on supply and demand and thereby hamper national economic growth.