Morocco: IMF projects 3.8% GDP growth in 2014.
19 November 2013
Read by 1676 persons
The International Monetary Fund published its latest assessment of the economic situation in the Middle East, North Africa, Afghanistan, and Pakistan. According to this report, Morocco's GDP growth will be 5.1% in 2013. Overall, MENA countries are experiencing "unstable" growth, according to the IMF.
Morocco's GDP growth will be 5.1% in 2013 and could fall to 3.8% next year. This is according to the latest assessment of the economic situation in the Middle East, North Africa, Afghanistan, and Pakistan. According to this IMF report, "the regional economic outlook for MENA countries has darkened."
Despite a mostly positive growth forecast for 2013, the MENA region remains in "a turbulent zone," it indicates. According to the IMF, oil-importing countries, including Egypt, Jordan, Lebanon, Tunisia, and Morocco, are paying the price for political turmoil, social difficulties, and the conflict in Syria.
In almost the entire region, the IMF expects a decline in GDP growth compared to 2012. GDP will contract by 5.1% in Libya this year and by 1.5% in Iran. It will grow by 3.1% in Algeria, 3% in Tunisia, 3.3% in Jordan, 1.8% in Egypt, and 1.5% in Lebanon. These growth rates for 2013 are still all lower than those recorded in 2012, except in Jordan, Lebanon, and Morocco, the report specifies.
Delayed reforms are blocking investments
According to the report, economic recovery in oil-importing countries, such as Morocco, has once again been delayed. Security issues, political uncertainty, and delayed reforms continue to hinder investment recovery in these countries. Also, the situation in Syria and Egypt has weighed on the economy in many MENA countries.
However, the report notes nascent signs of improvement in tourism, exports, and foreign direct investment, as is the case in Morocco. As a reminder, the Kingdom experienced a remarkable 2013 in these three areas. It is leading in the Maghreb in terms of FDI, the second African destination after Egypt. In addition, its trade balance has seen a significant improvement despite the decrease in its exports.
The Fund advocates "bold" policies
Overall in the region, GDP growth is expected to be around 3%, a rate below the level needed to reduce unemployment and improve living standards. The IMF also provides guidance to countries in the region to address the "slowdown in growth" by implementing "necessary bold measures." The director of the IMF's Middle East department, Masood Ahmed, advises oil-importing countries to refocus on priority actions such as "job creation," "public finance consolidation," and the immediate launch of an "ambitious structural reform program."
Yabiladi.com
Published November 18, 2013.
Posted online November 19, 2013.
Morocco's GDP growth will be 5.1% in 2013 and could fall to 3.8% next year. This is according to the latest assessment of the economic situation in the Middle East, North Africa, Afghanistan, and Pakistan. According to this IMF report, "the regional economic outlook for MENA countries has darkened."
Despite a mostly positive growth forecast for 2013, the MENA region remains in "a turbulent zone," it indicates. According to the IMF, oil-importing countries, including Egypt, Jordan, Lebanon, Tunisia, and Morocco, are paying the price for political turmoil, social difficulties, and the conflict in Syria.
In almost the entire region, the IMF expects a decline in GDP growth compared to 2012. GDP will contract by 5.1% in Libya this year and by 1.5% in Iran. It will grow by 3.1% in Algeria, 3% in Tunisia, 3.3% in Jordan, 1.8% in Egypt, and 1.5% in Lebanon. These growth rates for 2013 are still all lower than those recorded in 2012, except in Jordan, Lebanon, and Morocco, the report specifies.
Delayed reforms are blocking investments
According to the report, economic recovery in oil-importing countries, such as Morocco, has once again been delayed. Security issues, political uncertainty, and delayed reforms continue to hinder investment recovery in these countries. Also, the situation in Syria and Egypt has weighed on the economy in many MENA countries.
However, the report notes nascent signs of improvement in tourism, exports, and foreign direct investment, as is the case in Morocco. As a reminder, the Kingdom experienced a remarkable 2013 in these three areas. It is leading in the Maghreb in terms of FDI, the second African destination after Egypt. In addition, its trade balance has seen a significant improvement despite the decrease in its exports.
The Fund advocates "bold" policies
Overall in the region, GDP growth is expected to be around 3%, a rate below the level needed to reduce unemployment and improve living standards. The IMF also provides guidance to countries in the region to address the "slowdown in growth" by implementing "necessary bold measures." The director of the IMF's Middle East department, Masood Ahmed, advises oil-importing countries to refocus on priority actions such as "job creation," "public finance consolidation," and the immediate launch of an "ambitious structural reform program."
Yabiladi.com
Published November 18, 2013.
Posted online November 19, 2013.
