Highlights

The Moroccan Economy in 2011: good results according to OBG

19/03/2012
The Moroccan Economy in 2011: good results according to OBG

The Moroccan economy continued to perform well during the year 2011 in spite of the political turbulence that shook the (MENA), noted the international business intelligence firm, Oxford Business Group (OBG), in its 2012 annual report on Morocco.

 
  Stressing that Morocco has always been regarded as a haven for investors in an area more sensitive to possible turbulence, the think-tank noted that the uprisings that took place in several countries of the area within the Arab spring context had a negative impact on several economic sectors , especially tourism, a key driver of growth in the MENA region

But the protests were limited and largely peaceful in Morocco, observes the OBG, noting that tourism, which contributes up to about 7.3 pc in GDP, demonstrated a solid resilience in the entire region.

The think tank noted that the Moroccan economy has not escaped the pressures generated, in particular, by the rising cost of oil products and by increasing subsidies, which resulted in a widening of the trade deficit.

OBG recalls that Morocco`s GDP growth accelerated during the first quarter of 2011 to reach an annual growth rate of 4.8 pc. In September 2011, Bank Al Maghrib stated that the Moroccan GDP was to achieve a growth rate of 4.5 to 5.5 pc throughout 2011, adds the think-tank.

These figures meet the estimates released in October by the International Monetary Fund that stated that Morocco had to record a growth rate of 4.6 pc in 2011. The same performance is expected in 2012, according to the same source.

The main economic indicators show that economic growth could speed up during the first few months of this year, noted the OBG.

The firm furthermore underlined that Morocco`s economy will continue to profit from some competitive advantages, especially a favorable business climate, continuous structural reforms and a macroeconomic stability.

All these factors contributed to reinforce the attractiveness of the Kingdom and its integration into international markets, argued the OBG, stressing that Morocco was able, through its willingness, to honor its international commitments, enhance its reputations as reliable partners.

In addition, the Minister of Economy and Finance, Mr. Nizar Baraka, stated in his interview with OBG, that despite the impact of the economic crisis in Europe, the Moroccan economy will continue to grow thanks to the new government policy .

This policy is based on strengthening domestic demand through the preservation of individual purchasing power and the promotion of investments, he explained.

Strengthening governance as regards public expenditure management will generate additional resources that can be invested to promote growth and create jobs, Mr. Baraka stated, noting that the implementation of an advanced regionalization, pursuant to the new Constitution, will promote a fair distribution of wealth across different areas of the country.