In Morocco, the economy continues to recover since the COVID pandemic, despite the deadly earthquake that hit the Marrakech region a year ago (3,000 dead and 6,000 injured). Moroccan growth rebounded by 3.4% last year and the trend is expected to continue this year, according to the Organization for Economic Co-operation and Development. However, the OECD points to record unemployment among Moroccan youth.
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Reconstruction following the Al Haouz earthquake is expected to cost Morocco 120 billion dirhams over four years, the equivalent of 11 billion euros. But the dynamism of the economic recovery is such that Moroccan growth still reached 3.4% last year despite this catastrophe and the drought which has reduced agricultural production.
There consumption Domestic growth has picked up thanks to a slowdown in inflation. And the country has also noted a resurgence in foreign investment, a surge in automobile exports and also a record number of tourists and money transfers from Moroccans abroad.
But unfortunately this has not helped to improve the job market. The unemployment rate (13%) is at its highest in 20 years. Among young people it has reached a historic record: 36%.
To explain this situation, theOECD highlights the lack of training, the still largely informal nature of the Moroccan economy despite reform efforts and the poor quality of jobs that results from this.
According to the organization, formalizing small businesses and collecting more royalties from large ones, particularly mining companies, would help finance the reforms and social safety nets gradually being put in place by the Moroccan authorities.
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