Moroccan economy expected to grow at 3.7 pct in 2020

Source: Xinhua| 2020-01-31 20:09:37|Editor: xuxin
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RABAT, Jan. 31 (Xinhua) -- Morocco's economy will grow at 3.7 percent in 2020, the African Development Bank (AfDB) said in its annual report published on Friday.

The report on the African Economic Outlook, published by the bank's office in Rabat, said the real GDP growth in the North African country should stand at 3.9 percent in 2021.

The budget deficit, financed by the domestic market, fell to 3.6 percent of GDP in 2019 and is expected to reach 3.3 percent in 2021 because of better tax performance and expenditure control, the report added.

Treasury debt, estimated at 65.3 percent of GDP in 2018, is expected to drop to 65.1 percent in 2019 and to 63.1 percent in 2021, under the effect of a more robust GDP growth.

The bank estimated that inflation should stand at 1 percent over 2019-2021.

The bank added that Morocco's strategic geographic position can serve as a hub for foreign companies wishing to operate or gain a foothold in Africa.