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Strong Moroccan economic growth checked by US terror attacks

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afrol News, 29 October - While calculations 'Centre Marocain de Conjoncture' (CMC), based on numbers gathered before the terrorist attacks on the US, concluded with a record economic growth for 2002, the Moroccan government now has revised the 2002 budget downwards, calculating with lower growth numbers.

The CMC recently had published its optimistic numbers for the following year; foreseeing a 6.1 percent growth in 2002, up from an estimated 6,0 percent this year. CMC experts said at a Casablanca news conference that 2002 might mark a turning point and the start of a sustained growth cycle for the Moroccan national economy. 

The Moroccan government, which also had calculated with a 6.5 percent growth rate in its 2002 budget, this week however revised the budget downwards, calculating with a 4.5 percent growth rate for 2002. 

The reasons given were the effects of the terrorist attacks on the US with its negative effect on world trade and tourism. There is, however, much uncertainty attached to these analyses.

The main reasons behind the substantial growth Morocco is believed to experience in any case are internal and external funding to eradicate poverty and a supposing increased external trade. 

Morocco is set to further increase its exports of agricultural products and of phosphates and phosphates by-products, especially due to deepened trade treaties with the European Union and Arab nations. 

Source: Moroccan govt. and afrol archives


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