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» 01.03.2013 - Morocco to get free trade access to Europe
» 04.06.2010 - Morocco stalls EU-Sahara fisheries examination
» 16.11.2009 - Lower levies on trade – federation official calls
» 20.10.2009 - DRC and Morocco elected to new forest financing programme
» 21.09.2009 - Rescuers abandon search for survivors
» 22.07.2009 - Over 500 migrants benefit from voluntary return
» 20.03.2009 - $1.5 million grant for Morocco tech development
» 16.02.2009 - 5 die as boat capsize off Canary Islands

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Politics | Economy - Development

Morocco records 5.4% economic growth in 2009

afrol News, 12 May - The Moroccan economy has achieved a growth rate of 5.4 percent in 2009, despite the international financial crisis, compared to 5.7 percent in 2008, according to the latest forecast from the African Development Bank (AfDB).

The AfDB in its report on economic prospects in Africa in 2008-2009, said despite the crisis, the Moroccan economy registered a positive growth rate.

According to AfDB, good rainfall, the accuracy of the financial sector and sectoral development programmes in progress would allow the Moroccan economy to overcome the effects of the international crisis, although the recession has hit its main trading partners.

"It provides a slight downturn in growth in 2009, with a rate of 5.4 percent which should be maintained during the next year," the report said.

However, according to the report, exports, foreign direct investment, remittances from migrants and tourism sectors are likely to be affected by the global economic meltdown.

The AfDB said that 2008 marked the return of the rains and a national average rainfall accumulated five times higher than normal, reversing the possible drought trends and fostering a new dynamic value of the agricultural sector, which increased by 12.8 percent in 2008.

The bank also added that growth in the energy sector continued, and that the sector of construction, which continued its steady progression, also played a major role on economic growth despite the crisis.

The ADB further noted that domestic demand continues to play its role as the engine of growth in Morocco, supported by the positive outcome of the primary sector of employment with an unemployment rate below the threshold of 10 percent.

The bank also said the Moroccan tourism sector outlook for 2009 remained generally favorable with the creation of resorts planned for the development of internal tourism.

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