Morocco's 'sound' macroeconomic policy enabled it to meet major challenges -IMF
Rabat - Morocco has successfully met major challenges in the past two years thanks to sound macroeconomic policy and political reforms, the International Monetary Fund (IMF) has said.
The IMF added, in the Concluding Statement of the 2011 Article IV Consultation, that the Kingdom was well-equipped to weather the 2009 international crisis and to respond to the social unrest which has emerged in many countries in the Middle East and North Africa (MENA) region since early 2011.
In this challenging environment, Morocco has performed well economically and has seen its social indicators improve, it said.
Moreover, it indicated that non-agricultural GDP, driven by the strong performance in the manufacturing sector, grew by 4.5% in 2010, offsetting the contraction in the primary sector.
In addition, the continued strong performance in the non-agricultural sector, including the tourism sector, along with a more robust agricultural output, are expected to raise overall GDP growth in 2011 to about 4.5-5%.
As regards inflation, it noted that it remains firmly under control, with average inflation in 2010 standing at the very moderate level of 1%.
In this regard, it pointed out that in 2011, a good agricultural year and the fact that prices of certain foodstuffs and petroleum products held steady despite rising international prices, are expected to help limit the increase in the average inflation to around 1.5%.
The mission insisted that the constitutional reform will enhance efforts to strengthen structural reforms and foster medium-term growth.