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The diversification of production allowed Morocco to show strong resilience to the European crisis. : 30/05/2012

The diversification of production allowed Morocco to show strong resilience to the European crisis.

In his interview with the daily "Today the Morocco", published on Monday, May 28th 2012, Mr. Nizar BARAKA, Minister of economy and finance stated that the productive diversification of the Moroccan economy, developed through different sector based policies, allowed for a strong resilience of the Kingdom.  

This diversification ?made it possible to avoid being severely affected by the European crisis because new sectors stepped in and attenuated the impact of the crisis on our economy?, the Minister explained.

"The Non-agricultural growth in developed countries and which is integrated into the global economy will continue to expand robustly ", he illustrated.

In addition, the Minister indicated that the Government will continue to "sustain domestic demand and public investment development, as with the finance acts", stressing however that the room for budgetary manoeuvre remain limited because of the budget deficit, which amounted in 2011 to 6, 1% of the GDP.

"The Government is required, within the framework of the Constitution, to assume and maintain macroeconomic balances and the basic principles. This point suggests that we will not be able to continue to support the national economy in the same way," added Mr. Nizar BARAKA.

He noted, in this context, the need to be in keeping with a "strategy of targeting policies for a better performance and greater efficiency of public expenditure ".

Moreover, the Minister referred to a number of reforms, which are "structuring for the future and structural for the country", including the reform of the Compensation Fund and the Pension Funds, and asserting that the various exogenous constraints will be taken into account "while fulfilling the commitments made by the Government socially".