In a statement released on July 2008, the IMF called Morocco “a pillar of development in the region” and congratulated King Mohammed VI and the Central Bank on Morocco’s continued strong economic progress and effective management of monetary policy.
Morocco’s economy is expected to achieve a 6.6% growth in the first quarter of 2009 up from 4.8% in the past quarter thanks to prospects for an agricultural campaign above the average of the past five years.
By end December 2008, rainfalls exceeded that of an ordinary year by 106%. This surplus has benefited to all agricultural regions and increased the water stored in dams destined for agriculture to 40.7%. In these conditions and taking into consideration a cereal campaign nearing 70 million quintals, the agricultural value added could increase by 22.2% in the first quarter of 2009, thus contributing 2.9% to the national economic growth.
Morocco is a stable economy with continuous growth over the past half-a-century. GDP per capita grew 47% in the Sixties reaching a peak growth of 274% in the Seventies. However this proved unsustainable and growth scaled back sharply to just 8.2% in the Eighties and 8.9% in the Nineties.
Real GDP growth is expected to maintain over the 2009-13 period.
Whilst the global economic crisis has impacted on the majority of markets and economies, it has only had a limited impact on Morocco. The maximum impact on the Moroccan economy is forecast to decrease the GDP growth rate by only one percentage point in 2009, according to the Bank Al-Maghrib.
In a report issued on July 2008, the IMF noted that Morocco’s financial sector is sound and resilient to shocks, and that the remarkable fiscal consolidation efforts of recent years have allowed the Moroccan economy to absorb the impact of difficult international economic conditions and increasing global prices for essential commodities such as petroleum and energy. International economic experts recognize that Morocco’s exemplary economic performance is beneficial not only to Moroccans, but also for the nearly 90 million people who live the Maghreb.
To find out more about this article please contact us:
Propertyzonedirect's Blog 