- Morocco
GDP growth in 2021 according to World Bank: 7.37%
Morocco is a North African country known for its agriculture, phosphate minerals, and tourism. Following Morocco’s first recession in 20 years, export performance, the low-base effect, and an outstanding 2020–21 agricultural season all contributed to GDP growth of 7.37% in 2021. However, a sudden downturn in economic activity brought on by a variety of concurrent reasons led to GDP growth falling to just 0.3% in the first quarter of 2022. Another drought, the third in the preceding four years, and its repercussions, were to blame for this. Furthermore, because it imports food and energy, Morocco has suffered greatly from the increases in commodity prices brought on by the crisis in Ukraine.
As the African economy comes back to normal, major mining companies like Newmont Corporation (NYSE:NEM), Barrick Gold Corporation (NYSE:GOLD), and Freeport-McMoRan, Inc. (NYSE:FCX) are beginning to operate in the continent with huge resources.
- Eswatini
GDP growth in 2021 according to World Bank: 7.43%
Eswatini is in Southern Africa that shares its border with both South Africa and Mozambique. Because of its strong economic links to South Africa, Eswatini depends on that country for around 85% of its imports and 60% of its exports. Eswatini’s economy saw a robust recovery in 2021, with real GDP growth predicted to have increased to 7.4% from a 1.9% decline in 2020. Lockdown restrictions were relaxed in 2021, which aided export-oriented industries and a strong rebound in foreign demand in major export markets.
Continued next page
(425 VIEWS)
