Experts: Moroccan economy grows despite regional unrest

Morocco has been able to achieve financial and economic growth despite regional unrest and a crisis that hit the European Union, the kingdom’s biggest economic partner, experts revealed.

According to economic experts, the government of Prime Minister Abdelilah Benkirane has been keen to maintain stability in the North African country to achieve economic gains in spite of some internal and external constraints.

According to observers, some of the external obstacles include the country’s economic dependence on the European Union which accounts for nearly 60 per cent of its total foreign exchange.

Speaking to Turkey’s Anadolu Agency Moroccan economist Mehdi Lahlou warned that Rabat faces some risks following the decline in tourism revenues and some exports, including textiles and clothing, and a decline in construction which have a significant impacted on the economy.

“The continuation of the euro zone crisis, despite some improvement will impact the Moroccan economy, especially since it mostly exports to France and Spain,” he said, noting that 2015 will be positive because of the significant improvement in the agricultural sector.

He noted that Morocco’s economy is heavily dependent on the agricultural sector, which in turn depends on climate fluctuations. However, he warned, the manufacturing sector’s growth will not exceed three per cent.

Lahlou called on the Moroccan government to adopt a new economic vision, in order to overcome various internal and external difficulties.

Meanwhile, Moroccan Minister of Communication and government spokesman Mustapha Al-Khalfi said the government has been able to reduce the fiscal deficit over the past two years after it recorded an increase between 2011 and 2012 from 6.3 per cent of GDP to 7.3 percent respectively.