Browsing: GDP

Covid Vaccine- Freepik

 Economic prospects are predicting that 2021 will be a happier year for Pension Schemes. The devasting impact of Covid-19 had far reaching implications on the pension sector, especially in 2020 caused by several factors.

Also Read: Covid Economics: Kenya’s navigation of debt relief

  • We had massive payouts, especially in the hospitality sector as companies closed down and retrenched. Pension scheme members made early access to pension benefits to cushion their financial well-being.
  • A number of employers could not afford contributions funding to pension scheme and So they adapted to this challenge by obtaining a reprieve from the Retirement Benefits Authority to have temporal suspension of contributions deduction and remittance.
  • The stock market also had a significant dip in valuations occasioned decline in earnings from a number of counters especially banking sector.
  • In 2020 the GDP growth dropped to 1% growth compared to the projected growth of about 5%.

Despite the …

Morocco’s GDP to drop by 6.3%  in 2020

Morocco’s Gross Domestic Product (GDP) is expected to fall by 6.3 per cent this year before recovering quickly and rebounding by 4.7 per cent in 2021 according to Morocco’s central bank, Bank Al-Maghrib.

According to Bank Al-Maghrib, like all countries around the world, the Moroccan economy has been affected by COVID-19 pandemic and the lockdown measures put in place to prevent the spread of the deadly virus.

While continuing to monitor the economic and financial situation closely in the country and at the international level, the bank decided to maintain its key rate unchanged at 1.5 per cent.

As a result of higher volatile food prices, the Moroccan Consumer Price Index rose by 0.9 per cent in August after its stagnation in the second quarter and its slight year-on-year decline in July.

The central bank also added that inflation is expected to continue evolving at low levels, averaging 0.4 per …