In his opening speech, The Minister added that this year, the meeting of CNCE is important as much as it intervenes in a worldwide context marked by international economic and financial crisis, and by the looking for the appropriate solutions to attenuate its repercussions on our savings.
The Minister stressed that the worldwide economic activity in 2009 should mark a detachment, notably in the United States and in the Euro zone before knowing a light resumption in 2010 under the influence of the government`s and the central banks? plans. In the emergent countries, growth should slow significantly in 2009 prior to restore a recovery in 2010. |  |
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Moreover, Mr.Mezouar welcomed the remarkable resilience of Moroccan economy towards the disadvantageous evolution of the international situation. In this sense, he added that our economy followed its growth in 2008 with a rhythm of 5, 6 %.This growth was accompanied by the further consolidation of the macroeconomic framework, a budget surplus of 0.4% of GDP, the significant decline in Treasury debt of more than 6 points of GDP and inflation at 3.9%. However, our foreign trade has been degraded by a combination of soaring prices of raw materials during the 1st half of 2008 and the decline of the economic activity in the Euro zone during the second half. Thus, the current account of the balance of payments resulted in a deficit of 5.2% of GDP, after having been in surplus since 2001.
Mr. Mezouar added that, for the year 2009, the Moroccan economy should realize a growth between 5 % and 5,7 % due to, on one hand, in the progress of the domestic demand, and on the other hand, in the realization of an exceptional agricultural campaign which should lead to a growth of the farming sector of about 25 %. The growth of the non agricultural sectors should slow down in 3 %, which is a level below their potential growth situated around 6 %.
As to public finances, the results of the execution of the Finance Act 2009 at the end of the 1st half are broadly favourable, and the budget deficit is forecasted at 2.5% of GDP against 2.9% expected.
An agreement relative to the operations of the Treasury on the Money market was previously signed between the Ministry of the Economy and Finance and Bank Al-Maghrib.
This agreement establishes the approach of the Department of Treasury and External Finance on the money market. It will optimize the public treasury management, thanks to the investment and borrowing, with respect to the conduct of monetary policy.