Casablanca — Last month, the Oxford Business Group published its annual report on Morocco’s economic growth, displaying the many sectors in which the Moroccan economy has substantially grown and predicting future growth in multiple areas.
The Oxford Business Group, a global publishing, research and consultancy firm based in London, England released its 2016 Report on Morocco last month, detailing the nation’s economic growth through a study of the country’s manufacturing sector, mining industry, agriculture and more.
The prestigious group has published 224 reports covering 39 different countries and 17 different sectors over the last 20 years.
This year’s report covering Moroccan economy explores the growth the nation has experienced in banking, capital markets, insurance, industry & mining, transport, telecommunications, environment and more.
An infographic titled “Morocco: Outward Looking,” summarizing the most important sections of the report, was released by the group earlier this month on November 7.
“Morocco,” says the OBG, “has had success in it recent efforts to built up export-oriented manufacturing projects, which should take over from more traditional industries in driving growth, as well as provide higher-quality employment over the long term.”
Its study of the Moroccan trade deficit has revealed that between 2012 and 2015, “trade deficit fell by 65 percent” thanks to “increases in exports and lower energy prices.”
In terms of banking, the OBG predicts that “ongoing regulatory reforms will hep maintain bans’ profits, bring major new players to the kingdom, diversify the product offering and help boost financial inclusion levels, which are already high by regional standards.”
OBG also lauds Morocco’s insurance market as “the largest and most developed in North Africa.” A graph on the infographic (see below) shows how insurance revenue has grown by 6.5 percent between 2009 and 2015.
Meanwhile, a study of vehicle exports in Morocco per stats provided by the Office des Changes reveals immense growth; “Key manufacturing segments,” says the OBG, “have seen injections of capital and the rollout of specialised infrastructure, training facilities and fiscal incentives.”
The OBG report also includes several different interviews and perspectives, from that of Minister of Economy and Finance Mohammed Boussaid and Minister of Foreign Affairs Salaheddine Mezouar to President of Senegal Macky Sall and current Head of Government Abdelilah Benkirane.
When asked how he would rate Morocco’s current business climate, Benkirane told the firm that “the government has paid special attention to improving the business climate and encouraging private investment, as evidenced by Morocco’s rise 19 places in the World Bank’s “Doing Business” reports between 2012 and 2016.”
“Foreign direct investment,” adds Benkirane, “has also reached a record level, with an annual average of MAD 37 billion during the 2012-15 period.”
All in all, the Oxford Business Group’s 2016 report on Morocco presents a positive and optimistic message about the state the nation’s growing economy.
