Proceedings of The 3rd International Conference on Management, Economics and Finance
Social and economic impact of the COVID-19 crisis in Morocco
Sara DEHBI, Anass SEBBAR
Like countries around the world, Morocco has been deeply affected by COVID-19. The pandemic has impacted various areas of citizens’ lives, including their employment, education, and daily living conditions. As a preventive measure, Morocco, like much of the world, experienced prolonged periods of government-mandated confinement; beginning on March 19, 2020, much of the country officially closed for three months and thereafter opened very slowly; some parts of the country remain closed to travel. In this regard, the Corona virus grabbed the world economy, infecting several countries. The economic impact has already become evident in the countries most affected by the epidemic. This health crisis will have economic repercussions, explained by the shock of demand and supply. Fundamental policies should be designed to help economies overcome this situation, to prevent a temporary crisis like this from causing permanent damage to people and businesses through job losses and bankruptcies. The impact of the coronavirus on the world economy has been more severe than the global crisis of 2008. As the stock markets collapsed by 50% or more, massive bankruptcies as well as the increase in the unemployment rate.Since April, Morocco’s economic activity can be said to have been declining, which has forced the company to mitigate losses during this critical period. The crisis is accelerating the changes in our economic and social models. This shift makes us think about alternatives to produce and consume in different ways. In this case, our article first aims to locate and analyze the economic, social, and psychological consequences. Second, we will explain the impact of the COVID-19 crisis on the Moroccan economy.
Keywords: Coronavirus crisis; economic activity; Moroccan economy; Social consequences.