Mission of the European Commission: Analysis and monitoring of public finance and macroeconomic condition : 28/03/2011

Mission of the European Commission: Analysis and monitoring of public finance and macroeconomic condition

Mr. Chafik, Director of Studies and Financial Forecasts received March 18th 2011 a delegation from the European Commission within the scope of its mission to analyse and monitor public finances and macroeconomic condition.

A meeting chaired by Mr Chafiki in the presence of Mr. Pierre Demangel, the head of the mission, was held to present the achievements and prospects of the Moroccan economy.

In his speech, Mr. Chafiki recalled the confirmed performance of the Moroccan economy that has promoted to a higher level of economic growth, diversified its sources of growth and developed its service sector structures. In this wake, Mr. Chafiki reported the role of domestic demand: household consumption and investment particularly in the growth performance, and to move to the process of structural and sector based reforms, initiated since the beginning of the last decade and accelerated in recent years. This has reinforced the stability of fundamental balances and improved the living standards of the population.

Despite the difficult international context, the country has improved its economic and social indicators, boost in its sovereign rating and enhanced resilience.

Morocco managed the turning point 2010-2011 with promising prospects due to a strong initial position, the recovery of the global economy and also the continuation and consolidation of the policy of public sector`s major projects, institutional and political reforms, thus ensuring the economic and political modernity of the country.

Mr. Chafiki, who answered Mr. Pierre Demangel`s inquiry about the factors ensuring an economic growth of 6%, confirmed that the upward and sustained trend of growth of the country is secured. This is due to an unfailing public will to continue and consolidate reforms in all areas with a view to maintain and preserve the achievements of the national economy, and by exploiting the opportunities provided by the potential of regional growth reforms structured within the national project of advanced regionalization.

After this meeting, Mr. Peter Demangel expressed his thanks to Mr. Chafiki for the welcome, the quality and richness of the shared information.