The announcement comes as international observers hail Morocco’s economic performance, lauding its economic resilience and sound public policies.
Rabat – The Moroccan economy is on track and performing well, and prospects for next year are even more encouraging, according to the Moroccan government.
Speaking at a press briefing yesterday, July 25, on Morocco’s economic performance for this year and expectations in terms of economic growth, Mustapha El Khalfi, the spokesperson for the Moroccan government, gave an upbeat reading of Morocco’s current and expected economic trajectories.
“Economic growth prospects for 2020 indicate that there will be improvements,” El Khalfi asserted. He noted that the economic growth rate for this year rate is expected to stand at 2.9%. For next year, that rate will increase to 3.7%.
He went on: “This year has so far been marked by an improvement in the budget deficit, both in terms of rates and financial values.”
According to statistics from the government, the country’s budget deficit for this year went down by MAD 4.5 billion, decreasing from MAD 21.1 billion in 2018 to 16.6 billion last month.
The Moroccan official also explained the country’s plan to cement nationwide financial security, saying that the government is striving to keep its budget deficit rates at 3% for both this year and coming years.
The news comes as international observers shower Morocco’s economy with praise of resilience and business-friendliness.
Christian de Boissieu, economist and emeritus professor at the University of Paris I, told La Tribune Afrique earlier this week that, compared to other economies in its region, Morocco is “more resilient to external shocks.”
While the country remains vulnerable to, and dependent on, global dynamics and worldwide commodity price fluctuations, structural reforms in the past two decades have made Morocco’s economy more resilient.
“External constraints remain strong, but internal public policy choices have played a major role” in terms of building resilience, the Paris-based economist said of Morocco.