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World Bank Underlines Morocco’s ‘Undeniable Economic Progress’

Morocco has made “undeniable progress over the past fifteen years”, the World Bank said in its report ““Morocco 2040 - Emerging by Investing in Intangible Capital”.

“Morocco has made undeniable progress over the past fifteen years not only in the economic and social spheres, but also in the areas of personal freedoms and civil and political rights,” the report noted.

“A virtuous yet realistic scenario suggests that with higher productivity gains Morocco could double its current pace of convergence with Southern European countries,” the source pointed out, adding that “the per capita GDP of Morocco could reach 45 percent of that of Southern Europeans in 2040, versus 22 percent currently.”

“It is the scenario of an emerging, politically stable country that wants to and can play the cards of youth, progress, and modernity by valuing its assets and reducing its weaknesses,” Jean-Louis Guigou, President of the IPEMED said in the foreword to the report.

Morocco’s achievements “are evident in the country’s economic growth performance, increase in wealth, improvements in the population’s average standard of living, the eradication of extreme poverty, universal access to primary education, the overall improved access to basic public services, and significant public infrastructure development,” the report noted.

“These achievements have enabled the Kingdom to launch a process of economic convergence with Southern European countries (France, Italy, Portugal, and Spain),” it added.

“Demographic transition, the urbanization of society in the context of decentralization (“advanced regionalization”), and higher levels of education are three structural trends currently at work in society that provide a unique window of opportunity for catch-up growth”, the report said, noting that the low dependency ratio (share of under-15s and over-65s in the total population) projected through 2040 is a real demographic windfall.

“Building Morocco’s intangible capital will necessarily take different forms. It must seek to advance a social contract aimed at strengthening institutions, refocusing government action on its sovereign functions, developing human capital, and strengthening social capital with a view to promoting an open society,” the report said.