The Moroccan economy will experience an improvement in its performance, said the Director of the Middle East and Central Asia Department of the International Monetary Fund (IMF), Jihad Azour, in an interview with Moroccan daily L’Économiste published Thursday.
The official welcomed the “great resilience” shown by Morocco in the face of a geopolitical and climatic situation marked by difficulties, ensuring that the Kingdom’s growth “should reach a rate of 3% against 1.5% last year.”
“For 2023, the Moroccan economy should maintain its stability. This is thanks to macroeconomic management and measures that have been put in place to protect the Moroccan economy from external shocks,” he said in this interview with the daily on the occasion of the publication of the IMF’s regional economic outlook for the Middle East and North Africa (MENA).
“The other positive element is related to the level of unemployment, which should gradually decline to about 10.3%,” according to the official, who did not fail to welcome this improvement in the labor market.
In addition, inflation remains an element that requires action and “those of Bank Al-Maghrib are welcomed by the IMF,” said Azour, stressing the need to keep a vigilant eye on the development of prices, which have experienced an increase driven by commodities, especially fruit and vegetables.
Apart from that, prices are gradually beginning to decline, hence the interest to maintain a conservative monetary policy that should allow, according to him, both to curb inflation and ensure price stability.
This is an important point for social stability, according to the official, who believes that the current pace of reforms has allowed the Moroccan economy to strengthen, citing as examples the sites of social protection, education, markets or investment in climate change.
“These reforms have made it possible to increase resilience and develop a more inclusive growth model,” he said.
Referring to the agreement in favor of Morocco under the flexible credit line of about $ 5 billion approved last April by the IMF, Azour recalled that the objective is to strengthen the external reserves of Morocco and provide temporary insurance against extreme risks.
He said it is above all an assurance and a signal that the economic policies implemented by Morocco are sound and reinforce economic stability, while stressing the willingness of the Moroccan authorities to treat this agreement as a precautionary measure.
At the regional level, the year has surprised by its good performance, and this despite the double health and geopolitical shock recorded in the region in 2022, the official also noted, reporting a growth of 5.3% on average.
In order to maintain this positive momentum, he mentioned actions by central banks, which are able to act on several levers, including interest rates, redirecting spending and strengthening social support mechanisms.
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