A report published recently foresees that Morocco will experience the fastest economic growth in Africa thanks to its promising agricultural season and its effective vaccination campaign.
The report that was conducted by the London-based data analytics and consulting company, GlobalData states that following Africa’s 2020 recession, considered the worst in 50 years, the continent’s economy is forecast to witness a growth of 3.8%.
This growth, adds the report, is thanks to the rising global demand that resulted from easing the restrictions worldwide, the continent’s untapped market opportunities, the recovery of commodity prices and the rise in oil prices.
In her comment on Morocco’s foreseen growth, Gargi Rao, the Economic Research Analyst at GlobalData, explains that “Morocco has been moving ahead in leaps and bounds in recent years, having provided the world with produce following promising agricultural seasons. The country’s expected growth of 5.19% was also influenced by its effective vaccination drive, accommodative monetary policies and fiscal stimuli.”
According to the report, published on August 8th, 5 African countries will see a growth of over 4%. These are South Africa, Egypt, Gana, Kenya, and Morocco.
Africa’s largest country by GDP, Nigeria, is also expected to overcome recession but at the lowest growth rate in Sub-Saharan Africa at 2.3%. The report specifies that this is due to a number of challenges, such as “Heightened insecurity, rising food inflation, rising debt service payments and stalled reforms.”