Morocco’s unemployment rate rose to 12.7% in Q3 2020, from 12.3% in Q2 2020 and 9.4% in Q3 2019. The latest unemployment rate is also the highest on record, pointing to the severity of the global economic crisis. Although the Moroccan economy started a slow and gradual recovery in Q3, the latest unemployment data suggests that companies are still struggling with difficult business conditions. Although we expect the recovery to continue into Q4, the recent return to lockdowns across Europe does not bode well for Morocco’s tourism sector, nor for demand for Moroccan exports. This could see further job losses into the last quarter of the year.
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