Amid the consecutive crisis of Covid-19, Morocco was successful in using internal resources to support its economy and refinance itself via markets, said Hakim El Karaoui, author of the report entitled “Stability in the Maghreb, pressing need for Europe”, in an interview with L’Opinion.
According to the French pundit, “Morocco is doing well”, unlike Algeria whose economic model is dependent on the use of hydrocarbons, with a relatively low development of the tertiary sector and a strong state presence.
Morocco’s growth model, with a pre-crisis trade opening rate of around 90%, is driven by tourism and consumption, said El Karaoui, adding that the Committee on the New Development Model promotes “a more inclusive growth model, more regionalization, the digitalization of the administration…”.
The expert also noted that Morocco is at “the center of regional and international interests” which makes it a “crossroad” for trade towards Europe and Africa.
El Karaoui explained that China is watching the logistics closely, namely in Tangier, and exports manufactured goods and materials, even though South Europe remains the main supplier of foreign direct investment, especially France, with 35% of total FDIs in 2019.
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