Highlights

The policy of diversification of sources of growth and sectoral activities in Morocco would reduce external shocks : 30/01/2018

The policy of diversification of sources of growth and sectoral activities in Morocco would reduce external shocks

The policy of diversification of sources of growth and sectoral activities in Morocco would reduce external shocks and create job opportunities, said Tuesday, January 30, 2018 in Marrakech, the Minister of Economy and Finance, Mr. Mohamed BOUSSAID.

Speaking at the closing session of the High-Level Regional Conference organized in the Ocher City under the theme "Opportunities for all: Growth, Employment and Inclusion in the Arab World", Mr. BOUSSAID added that the growth of the automotive sector is the result of the industrial sector development policy in the Kingdom, noting that the goal is to increase the industry's share of gross domestic product to 23% by 2021 and create 500,000 jobs.

While recalling that Morocco has accomplished in twenty years great efforts in the development of its infrastructure, the Minister stressed that regionalization is able to become a lever to solve problems in relation to employment, while many countries are experiencing low growth that has led to inequalities, paradoxes and imbalances between the rural and urban worlds, between women and men, and among young and old.

The Moroccan economic transformation and the changing global environment have weakened the relationship between growth and employment, said the Minister, noting that between 2000 and 2008, each percentage point of growth created 30,000 jobs and that between 2008 and 2012, each growth point created about 20,000 jobs while from the year 2012 to the present day, each growth point creates only about 10,000 jobs.

For his part, the Managing Director of the Arab Monetary Fund (AMF), Mr. Abderrahmane Ben Abdella Al Hamidi, emphasized the need to provide opportunities that allow Arab economies to move towards tangible growth, while emphasizing the importance for the Arab countries of a reform capable of promoting the creation of SMEs.

To this end, the AMF has two programs, the first of which relates to technical assistance to the benefit of the Member States in order to carry out reforms aimed at creating a favorable environment for the creation projects of these SMEs, while the second aims to support leading entrepreneurs in the region for their particular capabilities in the field of modern technology and ideas, said the Arab official.

For his part, the Governor and President of the Central Bank of Kuwait, Mr. Mohammad Youssef El-Hachel, stressed the importance of establishing new laws that would define the roles of the private and public sectors and enact appropriate legislation to the creation of wealth.

The Arab world is in great need of an education system that enables young people to acquire the necessary skills to be at the level of market dynamics and academic institutions that conduct research in order to accompany economic sector developments, he added.

For Mr. Fadi El Ghandour, chairman of a leading Arab company, the private sector is enjoying prosperity in the Arab world, despite the major challenges it faces, especially emerging companies that are in dire need of financial support and efficient mechanisms to market access.

Organized at the initiative of Morocco, the International Monetary Fund (IMF), the Arab Monetary Fund and the Arab Fund for Economic and Social Development (AFESD), this conference aims to discuss ways to face challenges that hinder inclusive development policies; and consider the steps needed to broaden the scope of reforms to create more opportunities, particularly for young people and women.

Participants at this meeting address policies for sustainable and inclusive development, creating opportunities for all, and putting in place practical and tangible measures.

Speakers also discussed the contribution of monetary technology to enhancing access to monetary services for youth, women and small and medium-sized entreprise (SME) projects, women's empowerment mechanisms, and women's participation in the labor market, ways in which social security networks can provide coverage to limited-income people, as well as ways to address the challenges of youth unemployment, in addition to capacity development.

Opportunity4MENA

Participants also discussed the ways in which governments can redirect their policies and budgets to support the private sector, strengthen integration, create development and trade infrastructure, improve transparency and accountability, and ensure adequate social security.

The meeting brought together decision-makers, business leaders and civil society representatives from Arab countries to exchange ideas and experiences on how to create employment opportunities.

Information

  • Statement by the International Monetary Fund, the Arab Fund for Economic and Social Development and the Arab Monetary Fund following the conference on promoting growth, employment and inclusion in the Arab world, January 30, 2018
  • Statement by the IMF Managing Director on her meeting with the Mauritanian authorities, January 30, 2018
  • Statement by IMF Managing Director, Mrs. Christine Lagarde after meeting with Tunisian Prime Minister, Mr. Youssef Chahed on January 30, 2018
  • Speech: Stimulating inclusive growth in the Arab region; By Mr. Christine Lagarde, Managing Director of the IMF, Marrakech, Morocco, January 30, 2018.