The Strategic Watch Committee: the Seventh meeting : 05/11/2009

The Strategic Watch Committee: the Seventh meeting

The Strategic Watch Committee (CVS) held its seventh meeting on Wednesday, November 4th, 2009 at the Ministry of Economy and Finance in Rabat.  

In view of strengthening the committee?s mission, the Minister of Economy and Finance noted, at the opening session, that a new strategic approach, based on the choice of themes related to a better positioning post-crisis, would be immediately approved.

Thereafter, the Minister submitted an inventory of the crisis at the international level and indicated the Prospects for improving the economic situation worldwide in 2009. It was also reported that a dissociation between dynamic developed economies and the emerging ones should favor the latter?s positive outlook for growth. However, despite these signs of recovery, the main issues remain uncertain and require more vigilance particularly those related to the employment sector. The work of this committee focused on the presentation of the "monitoring committee" of industry conditions. Besides, it was clarified that, at the end of September, the development of the national economy was marked by a proliferation of signs as indicated by the attenuation of the rate decreases at areas affected by the crisis.

The most significant improvements were noted in tourism revenues and to a lesser extent, in money transfers carried out by Moroccan nationals residing abroad which went from -21.6% and -14.6% at end March 2009 to - 8,8% and -9.7% at end September 2009. The exportation sectors show also encouraging signs of recovery. Thus, the rate of decline in exportations outside OCP significantly slowed from 22.2% at end-March to 16.9% in late September.

Signs of recovery are also visible through the CNSS data which is an evidence of the slow pace of job losses. For instance, the loss of jobs in textile and clothing exports? sector are falling back from 12 476 in late April to 6143 at the end of August.

These signs are also visible at the continued strength of domestic demand indicated by the increase of over 13% in credit to the economy .Thus, the recovery of the global economy begins to take shape and support measures taken by the Government for areas affected by the crisis. However, the monitoring committee recommends maintaining vigilance and mobilization in order to continue to rectify structural deficiencies shown by the crisis.

At the same time, the Strategic Watch Committee is also interested in the growth sectors so as to optimize the conditions for creating wealth and employment in these sectors. Thus, the Committee was interested, at the meeting, in the fisheries sector through a diagnostic sector activities mainly oriented towards export.

The first elements of diagnosis shows the economic and social importance of this sector, which insures more than 660,000 jobs and contributes in 50% of exports of food and 10% in total exports. However, the first seven months of 2009 shows a decrease in turnover in the sector and its exports compared to the same period of the previous year.

The meeting was chaired by the Minister of Economy and Finance and to which attended the Wali of Bank Al Maghrib , the Minister of Agriculture and Maritime Fishing, the Minister of Tourism and Handicraft, the Minister for Housing, Urban and Spatial Planning, and representatives of various departments Members of this committee.

Also took part in this meeting, the President of (CGEM), the President of the AMITH, the President of the National Federation of Tourism (FNT) and the CEO of Attijari-Wafa-Bank.