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Morocco: IMF Highlights Favourable Growth Prospects
The International Monetary Fund (IMF) said, Thursday in Washington, that the Moroccan economy has recovered its robustness in 2017, adding that the medium-term prospects are favourable, with an expected growth of 4.5 pc by 2021.

Economic growth has picked up in 2017 (...). In five years, we expect that growth would stand at around 4.5 pc, said Nicolas Blancher, advisor and head of mission for Morocco at IMF Middle East and Central Asia Department, at a press conference on the third and final review under the Precautionary and Liquidity Line (PLL) with Morocco.

Blancher welcomed the sound macroeconomic policies undertaken by the Moroccan authorities, as well as the implementation of key reforms that have contributed to further improving the resilience of the economy, noting that external imbalances have decreased in 2017 and that international reserves remain at a comfortable level.

The IMF representative also underlined efforts of the Moroccan government to pursue budget stabilization to reduce the public debt ratio in the GDP.

He noted, however, that the risks remain substantial and are mainly related to geopolitical tensions in the region, global energy prices and volatility in financial markets.

On the structural level, the key reforms undertaken are going in the right direction in view of the objectives set by the government since last year, he said, recommending their acceleration, notably in terms of job creation, promotion of education, amelioration of the business climate, particularly for small and medium-sized enterprises, and governance.

Blancher also called for continuing the implementation of reforms on access to finance, the efficiency of public spending, and the strengthening of social security to achieve more inclusive growth.