CATEGORY: OBG CEO Surveys
Africa has gradually worked its way up over the years to rank at the top of business and investor portfolios worldwide, and boasts some of the world’s fastest-growing economies. Long regarded as one of the most impoverished regions, Africa has produced a number of success stories in recent years, bringing with it an array of investors, businesses and jobs. But the arrival of the Covid-19 pandemic casts a grey cloud over what was a promising outlook for the year.
After registering an average expansion of 4.4% between 2000 and 2017, GDP growth slowed to 3% in 2018 and an estimated 2.6% in 2019, due to a 4% drop in the value added generated by the agriculture sector. Nevertheless, local business sentiment remains robust, with 78% of respondents to OBG’s fourth Morocco CEO Survey saying they have positive or very positive expectations of business conditions in the coming 12 months. Still, the country has some way to go before reaching its full economic potential, with education identified as being the most important sector to focus on in this regard.