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IMF: Moroccan Economy To Grow 5% This Year 78 days ago
(RTTNews) - The Moroccan economy could grow by a solid 5% this year, but growth could slowdown to 3%-3.5% in 2010, the International Monetary Fund said on Friday.
The IMF said that the Moroccan economy is largely driven by domestic demand, which has helped cushion the fall in global demand in the face of the crisis, while the country's financial sector has been left relatively unscathed because of its limited exposure to global markets. Moreover, a declining public debt and sound government finances have allowed the authorities to respond to the crisis through pro-active policies, the IMF noted.
The Washington based lender forecasts Morocco's non-agriculture GDP to grow by about 2.5% this year, and combined with a record cereal harvest, expects overall GDP growth at 5%. Looking ahead, the firm expects GDP growth to slow to 3%-3.5% in 2010, with agricultural GDP returning to its long-term trend levels.
Further, the IMF advised the Moroccan authorities to concentrate their efforts on improving their export competitiveness to achieve growth targets.
"Given that a strategy focused on domestic demand may not result over time in the desired growth rates, it is important to strengthen competitiveness, particularly with regard to traded goods," the IMF said. "However, this task will be difficult in a context where potential growth in Europe has been reduced."
"Macroeconomic policies, structural reforms, and social policies must be co-ordinated to meet these objectives," it said.
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