Morocco’s Economy Showed Significant Resilience to International Crisis, PM
Rabat – The Moroccan economy has fared well and has shown significant resilience vis-à-vis an exceptional international crisis thanks to the various measures taken by the government to support domestic demand, Prime Minister Abbas El Fassi said on Monday.
These incentives concern mainly the strengthening of investment and consumption, two essential drivers of the Moroccan economy which achieved a growth rate of 5.6% in 2008 and 5.3% in 2009, said El Fassi who presented Monday at the House of Representatives the results of the government action at the end of its mid-term mandate.
Thanks to its dynamic structural reforms, Morocco managed to lessen the impacts of the international crisis by carrying out an anticipatory policy and a strategic approach, El Fassi said, calling for further vigilance and mobilization to face the effects of this crisis which continues to threaten the national economy.
He noted that the strategy adopted by the government on the matter is based on energizing domestic demand and reinforcing the most affected export fields through the setting up of a Strategic Watch Committee.
According to the Premier, the government also pays particular attention to the post-crisis period through the diversification of exports in high-potential fields and the launch of a new generation of structural and sector-based strategies.
El Fassi said the public investment budget has doubled from 82 billion dirhams in 2007 to 163 billion dirhams in 2010 with the aim to speed up the process of structural projects, increase average consumption by 7% in 2008 and 2009 compared to 4% in 2007, preserve 100,000 job opportunities thanks to urgent measures, and decrease unemployment rate from 9.8% in 2007 to 9.1% in 2009.
He said the government seeks to vary growth sources through the launch of a new generation of integrated sector-based strategies such as “Green Morocco” in the field of agriculture, “Halieutis” in fisheries, the “National Charter for Industrial Development” (PNEI) “Digital Morocco 2013” and “Vision 2020” in the tourism industry.