Rabat, June 17, 2020: Oxford Business Group (OBG) and Morocco’s Investment and Trade Agency (Agence Marocaine de Développement des Investissements et des Exportations, AMDIE) signed a memorandum of understanding to produce the first report dedicated to the impact of the Covid-19 pandemic and the country’s recovery strategy.
The Covid-19 Response Report (CRR) summarises Morocco’s response to the coronavirus crisis, highlights essential information and features infographics depicting the socio-economic landscape.
Morocco’s CRR offers an overview of the macroeconomic and political situation before the Covid-19 crisis. It then makes a comparative assessment of the spread of the virus in Morocco with that in other countries and presents the immediate response adopted by the kingdom, which has been widely lauded for its compulsory use of masks and innovative digital solutions such as information sharing.
The report also presents an economic assessment of the epidemic and an estimation of the medium-term impact on key sectors such as tourism and industry for the second quarter of 2020.
It analyses the budgetary measures implemented by the government in response to the crisis, as well as the assistance and stimulus initiatives put in place, such as the creation of a special fund worth more than Dh10bn ($1bn), the suspension of social security contributions and the establishment of a moratorium for the repayment of bank loans for the benefit of businesses.
The report concludes with details on the measures taken in order to initiate short- and medium-term recovery, as well as an analysis of sectors around which the economic recovery should be focused.
It underscores the key role of institutions such as AMDIE in supporting investors and Moroccan businesses and presents projects led by private operators or those currently under development.
Hicham Boudraa, director-general of AMDIE said: “Morocco has demonstrated exemplary responsiveness in the face of the Covid-19 crisis. The country has stood out for its incredible ability to adapt – mobilising its textile industry, for example, to make masks and other medical equipment.
It has also stood out for the dynamism of its cutting-edge technology sectors and for an increasing use of innovative digital approaches that have been recognised by the international community.”
He added: “Morocco is now putting all of its efforts into the kingdom’s economic recovery. The crisis has revealed excellent opportunities and new prospects for the economy that domestic and international operators will certainly be able to seize upon. AMDIE has already committed to supporting all local and foreign operators in this new response.”
Andrew Jeffreys, CEO of OBG, added: “While it is evident that the Covid-19 pandemic will have an impact on the Moroccan economy in the short term, the country has a number of assets it can rely on to rebound quickly, and the acceleration of digital transformation observed over recent months could benefit the economy over the long term.”
The CRR will be available online in the first week of July at the following address:
https://oxfordbusinessgroup.
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