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Rabat – King Mohammed VI expressed satisfaction with the economic growth that Morocco has recorded throughout recent tough times. The monarch urged the new government to complete the implementation of the major projects underway.
In his speech, the King Mohammed VI commended Morocco’s economic performance which produced tangible and globally recognized progress despite the unprecedented effects of the COVID-19 crisis and the global economic downturn that began in February 2020.
The national economy is experiencing a significant upturn and is expected to achieve a growth rate of 5.5% in 2021. The King Mohammed VI described it as a “performance that Morocco has not seen in years.”
The exceptional GDP growth projections are due to the sustainable performance of the agricultural sector, which remains among the best performing in the MENA region.
The agricultural sector is set to record a remarkable growth rate of approximately 17% due to this year’s good harvest and efforts made to further develop the sector. Automotive industry, textiles, electronics and electric industries also recorded noticeable growth.
“Despite the repercussions of the crisis, trust in our country and in the vibrancy of our economy has remained unchanged,” the King Mohammed VI said.
Morocco has ranked second among the best investment destinations in Africa, as the country’s attractiveness continues to attract global business investors. As of August 2021, Foreign Direct Investments (FDI) and the remittances from Morocco’s diaspora rose by 16% and 46% respectively.
The favorable economic climate enabled Morocco to have comfortable hard currency reserves.
Morocco had taken quick and decisive action, and implemented health, economic, and social measures amid the constant fluctuations in global markets. The inflation rate has therefore been kept under control at 1%.
“All of these are indicators which thankfully call for optimism and hope, thereby boosting not only confidence among citizens and families, but also the entrepreneurial spirit among economic actors and investors,” King Mohammed VI continued.
The government’s quick reaction to the pandemic made citizens feel at ease, the speech emphasized. “Despite the positive environment, we should remain realistic and continue to work in a responsible manner,” the monarch stated, calling for “a keen sense of patriotism, avoiding any pessimism or negative discourse.”
The King Mohammed VI concluded his speech by highlighting the starting phase of the “implementation of the development model and the launch of an integrated set of next-generation projects and reforms.”
The development model, which encompasses economic, social, and environmental aspects, is a long-term inclusive and participatory framework that “sets out new standards and opens up vast horizons for everyone.”
