Morocco focuses on sector-specific strategies to create more jobs (Report).
22 May 2014
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Morocco is focusing on targeted sector-specific strategies to support these reforms, accelerate the transformation and diversification of its economy, and consequently create more jobs, according to a report on economic prospects in Africa.
The report, launched Monday in Kigali on the sidelines of the annual meetings of the African Development Bank (AfDB) held in Kigali, notes that Morocco will continue throughout 2014 to implement its reform program (subsidies, taxation, retirement, social protection and budget system), while setting two primary objectives. These are to improve the efficiency of public finances and to support the development of an inclusive, private sector-led growth model that creates jobs for young people.
For the report's authors, the National Pact for Industrial Emergence, or PNEI (2009-15), which aims to revitalize the industrial sector and consolidate its competitiveness, constitutes an important strategic framework for launching industrial sectors where Morocco can consider itself more competitive.
In this perspective, the objective of creating 220,000 new jobs seems achievable by 2015. Consequently, the new aeronautics and automotive industries represent a significant source of economic growth and innovation for Morocco, the document notes.
The report recalls that the Moroccan economy showed resilience with a growth rate of 4.7% in 2013, driven mainly by domestic consumption and public investment. This growth also benefited from a satisfactory agricultural season.
Thus, the reforms undertaken in recent years to promote the private sector were consolidated in 2013 by a tax reform and the continuation of the reform of the Compensation Fund. This constitutes a key step in reducing public spending.
The document specifies that Morocco has focused on coherent sector-specific strategies to support the reforms undertaken since the early 2000s, which has helped accelerate the structural transformation of the economy and promote new products. In this regard, new industries such as aeronautics and automotive represent important growth drivers and are also vectors of innovation for the Moroccan economy. These growth drivers can allow Morocco to compensate for the difficulties encountered by some traditional sectors, such as textiles.
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Starafrica.com
Published May 19, 2014.
Posted online May 22, 2014.
The report, launched Monday in Kigali on the sidelines of the annual meetings of the African Development Bank (AfDB) held in Kigali, notes that Morocco will continue throughout 2014 to implement its reform program (subsidies, taxation, retirement, social protection and budget system), while setting two primary objectives. These are to improve the efficiency of public finances and to support the development of an inclusive, private sector-led growth model that creates jobs for young people.
For the report's authors, the National Pact for Industrial Emergence, or PNEI (2009-15), which aims to revitalize the industrial sector and consolidate its competitiveness, constitutes an important strategic framework for launching industrial sectors where Morocco can consider itself more competitive.
In this perspective, the objective of creating 220,000 new jobs seems achievable by 2015. Consequently, the new aeronautics and automotive industries represent a significant source of economic growth and innovation for Morocco, the document notes.
The report recalls that the Moroccan economy showed resilience with a growth rate of 4.7% in 2013, driven mainly by domestic consumption and public investment. This growth also benefited from a satisfactory agricultural season.
Thus, the reforms undertaken in recent years to promote the private sector were consolidated in 2013 by a tax reform and the continuation of the reform of the Compensation Fund. This constitutes a key step in reducing public spending.
The document specifies that Morocco has focused on coherent sector-specific strategies to support the reforms undertaken since the early 2000s, which has helped accelerate the structural transformation of the economy and promote new products. In this regard, new industries such as aeronautics and automotive represent important growth drivers and are also vectors of innovation for the Moroccan economy. These growth drivers can allow Morocco to compensate for the difficulties encountered by some traditional sectors, such as textiles.
Signature: APA
Copyright: © APA
Starafrica.com
Published May 19, 2014.
Posted online May 22, 2014.
