عربي English Türkçe اردو فارسى
Logo
Latest News
Business

COVID-Driven Unemployment in Morocco

Employees work on a Moroccan ventilator at a factory in Casablanca following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS/Youssef Boudlal
Employees work on a Moroccan ventilator at a factory in Casablanca following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS/Youssef Boudlal
TT
TT

COVID-Driven Unemployment in Morocco

Employees work on a Moroccan ventilator at a factory in Casablanca following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS/Youssef Boudlal
Employees work on a Moroccan ventilator at a factory in Casablanca following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS/Youssef Boudlal

The Moroccan Minister of Economy, Finance, and Administration Reform, Mohamed Benchaaboun, said Monday that the implementation of the 2020 finance bill has shown a MAD13.8 billion (USD1.38 billion) decline in revenues by the end of August, compared to the same period in 2019.

The minister estimated that the year 2021 would see a drop of MAD20 to MAD25 billion (USD2 to USD2.5 billion) in tax revenues compared to 2019.

He noted that the novel coronavirus pandemic increased the unemployment rate, expecting it to reach 13 percent in 2020 compared to 9.2 percent in 2019.

This is a result of forecasts that the gross domestic product will drop by 5 percent, and 227,000 jobs will be lost in the non-farm sector in addition to 78,000 jobs in the farm sector.

Further, Morocco had lost 589,000 jobs between the second two quarters of 2019 and 2020.

During the second quarter of 2020, the unemployment rate hiked by 4.2 percent reaching 15,6 percent in urban environments. Youths of ages ranging from 24 to 34 saw the highest rate of unemployment up to 22.6 percent.

In rural areas, unemployment rose to 7.2 percent.

The minister revealed that the financial bill would focus on social sectors, while creating 1,500 job opportunities in the health sector and 2,000 in the education sector.

Most Viewed

 
 
Business

Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
TT
TT

Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.