Remittances sent by Moroccans living abroad would reach 87 billion dirhams ($9.0 billion) in 2021, an increase of 27,7%, according to Bank Al-Maghrib forecasts.
“After a 4.9 percent increase in 2020, remittances would show a significant increase of 27.7 percent in 2021 to a record 87 billion dirhams, before falling by 5 percent to 82.7 billion in 2022,” Bank Al-Maghrib said in a press release issued at the end of the third quarterly meeting of the year 2021 of its board.
Regarding Foreign trade, the Bank data indicate a generalized acceleration of the recovery in goods trade at the end of August.
“This dynamic would continue, with exports rising by 21.2 percent in 2021, then by 6 percent in 2022, driven mainly by sales of car manufacturing industry and phosphate and derivatives,” the bank added.
Additionally, imports would grow by 19.5 percent in 2021, mainly reflecting the expected increase in purchases of capital and consumer goods, as well as the rise in the energy bill, before slowing down to 3.8 percent in 2022, it noted.
Foreign direct investment flows would hover around the equivalent of 3 percent of GDP over the forecast horizon, it concluded.