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Morocco expects an economic contraction of 8.9% during the second quarter – urgent UAE news

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The High Commission for Planning in Morocco said today, Tuesday, that the economy will record a contraction during the second quarter of this year, at a rate higher than previous expectations. The Delegate concerned with economic planning in Morocco indicated that it expected on April 7 of the current economy to contract at a rate of 3.8% of GDP, while the current forecast indicates that the economy will contract by 8.9% during …


The High Commission for Planning in Morocco said today, Tuesday, that the economy will record a contraction during the second quarter of this year, at a rate higher than previous expectations.

The Delegate concerned with economic planning in Morocco indicated that it expected on the 7th of April (April) the current economy to contract at a rate of 3.8% of the gross domestic product, while the current forecasts indicate that the economy will contract by 8.9% during the second quarter of this year.

The Bloomberg News Agency quoted the commission as saying that it expects to lose 29.7 billion dirhams ($ 3 billion) of gross domestic product during the first half of this year.

Meanwhile, the delegate revised the economic growth data for the first quarter of this year to 0.7%, compared to 1.1%, according to preliminary estimates published on April 7.

The announcement of the revised GDP data today came after the Moroccan authorities decided to extend the general closure period to combat the emerging corona virus (Covid 19) for an additional month.

This comes while Fitch Ratings gave Morocco a negative outlook, which means that it is possible to reduce the credit rating of Morocco in the coming months.

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