The 2021 Finance Bill targets economic growth of 5.4% against -5% in 2020, according to a circular from the Head of Government relating to the development of the PLF2021.
This forecast is based on three priorities, namely the implementation of the National Economic Recovery Plan, the generalization of social coverage and the implementation of the exemplary nature of the State and takes into account the national situation and international marked by the repercussions of the covid-19 crisis, indicates this note addressed to the various ministerial departments.
The note is also based on the assumption of an average price of butane gas at 350 dollars per tonne and an average cereal harvest of around 70 million quintals, the same source said. And to note that the development of the 2021 Finance Bill takes place in an exceptional national and international context marked by the spread of the coronavirus and its serious health, economic and social repercussions throughout the world.
The world economy is expected to experience a more severe contraction than that of 2008, especially in Morocco’s main partner countries in the European Union. Unemployment has reached record levels and world trade has fallen sharply.
The Kingdom was not immune to the negative impacts of this crisis. In addition to the effect of the drought that marked the agricultural season this year, the national economy is expected to contract for the first time since the end of the 1990s due to the impact suffered by several sectors, in particular those oriented towards the export.
Macroeconomic balances would also be affected, in particular with the worsening of budget deficits and the current account of the balance of payments.
To face this crisis, Morocco, thanks to the far-sighted vision and the wisdom of HM King Mohammed VI, took proactive and rapid measures which made it possible to control the health situation and provide the necessary support to the company. national. In this context, it was carried out to equip civilian and military hospitals with the necessary medical equipment. Exceptional financial aid has been granted to 70% of Moroccan families for an amount of approximately 22.4 billion dirhams.
Companies have also benefited from measures to reduce charges, especially SMEs, as well as easier access to financing by guaranteeing more than MAD 17.5 billion in loans in favor of more than 48,000 companies, recalls the note.
Thanks to these measures and to the bold decisions of HM the King, Morocco has succeeded in cushioning the effects of this crisis on the social situation of millions of Moroccan families and preventing an even stronger contraction of the national economy.