EXECUTIVE SUMMARY
A new cycle of growth is emerging. "Faithful" to a rather modest growth rate but without great volatility over the past decade, the Moroccan economy experienced a real departure from its trajectory with a recession in 2020 of -6.3%. In 2021, the recovery is significant with an expected increase of 5.7%. Going forward, the Ministry of Finance plans to resume during the 2022E-2024E phase with a growth dynamic in GDP comparable to that observed during the 2010-2014 period, with all the same more qualitative contributions. In this context, the year 2022 should lay new bases for growth.
In addition, the preparation of the budget for the year 2022 takes into account a number of requirements which generate considerable additional costs. At the same time, and by wishing to avoid an increase in the tax burden which could penalize the economic recovery, this 2022 FA version is forced to take additional risks to ensure its targets.
Given the fiscal measures, and in the continuity of the main editions, the provisions of the 2022 FA in its initial version, are going in the streamline direction of tax regimes’ simplification, tax rates unification, and also investment support.
Overall, the 2022 FA demonstrates a proactive and committed character, while following the footsteps of previous editions in terms of budget construction. Nevertheless, the effective fulfillment of its commitments remains, more than ever, dependent on uncontrollable exogenous factors. This concerns in particular the continuous improvement of the sanitary situation, the stabilization of commodities’ prices internationally and a reasonable rainfall level.
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