El Azami El Idrissi: "There is no economic crisis in Morocco"
6 August 2012
Read by 1573 persons
Driss El Azami El Idrissi denied the existence of an economic crisis in Morocco, emphasizing that the "temporary difficulties" currently facing the country will soon be overcome through the government's adoption of emergency and medium-term measures.
In an interview with the newspaper "Attajdid" published on Monday, Mr. El Azami specified that the government approached this situation "intelligently", by adopting emergency measures, including mobilizing foreign funds and encouraging foreign investment, stressing that the main difficulty stems from the decline in foreign exchange reserves and that the government is determined to remedy this.
In this regard, the minister noted the positive indicators of the national economy, such as the industrial production index, which increased by +3.7%, much better than the 2011 performance.
Mr. El Azami predicts that the Kingdom's non-agricultural gross domestic product will increase by 4.5% by the end of the current year, despite unfavorable climatic conditions related to the delay in rains and drought.
Regarding the labor market indicator, Mr. El Azami noted that the first quarter of this year was marked by the loss of 109,000 jobs, mainly in rural areas.
However, he continues, some 96,000 jobs were created in urban areas during the same period. These job creations reached 112,000 positions in the second quarter of the current year.
The Moroccan official concluded that the budget deficit indicators remain "positive", stressing that the government is determined to implement its program, the objective of which is a deficit of 3% by 2016, knowing that at the time of the executive's appointment, the deficit was 6.9% excluding privatizations.
He added that this deficit will be stabilized at around 5% this year thanks to the recent increase in hydrocarbon prices, which will save 5.7 billion dirhams.
MAP
Aufaitmaroc.com
Published on August 6, 2012.
Posted online on August 6, 2012.
In an interview with the newspaper "Attajdid" published on Monday, Mr. El Azami specified that the government approached this situation "intelligently", by adopting emergency measures, including mobilizing foreign funds and encouraging foreign investment, stressing that the main difficulty stems from the decline in foreign exchange reserves and that the government is determined to remedy this.
In this regard, the minister noted the positive indicators of the national economy, such as the industrial production index, which increased by +3.7%, much better than the 2011 performance.
Mr. El Azami predicts that the Kingdom's non-agricultural gross domestic product will increase by 4.5% by the end of the current year, despite unfavorable climatic conditions related to the delay in rains and drought.
Regarding the labor market indicator, Mr. El Azami noted that the first quarter of this year was marked by the loss of 109,000 jobs, mainly in rural areas.
However, he continues, some 96,000 jobs were created in urban areas during the same period. These job creations reached 112,000 positions in the second quarter of the current year.
The Moroccan official concluded that the budget deficit indicators remain "positive", stressing that the government is determined to implement its program, the objective of which is a deficit of 3% by 2016, knowing that at the time of the executive's appointment, the deficit was 6.9% excluding privatizations.
He added that this deficit will be stabilized at around 5% this year thanks to the recent increase in hydrocarbon prices, which will save 5.7 billion dirhams.
MAP
Aufaitmaroc.com
Published on August 6, 2012.
Posted online on August 6, 2012.
