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As part of its primordial mission, the Morocco Economic Memorandum entitled «Morocco 2040- Emerging by investing in intangible capital», is assisting the economic growth of the Kingdom. The latest report, which was published today by the World Bank, indicates that Morocco has come a long way in terms of economically sustainable reforms however it still has to invest in intangible capital.
Referring to youths, the international financial institution is raising concerns regarding employment and the integration of youngsters in the economic and social reform. Analyzing these obstacles, authors of the report put forward a to-do list for Morocco to follow in order to maintain sustainable development and guarantee a successful social and economic performance. «To offer more quality jobs to its youth, Morocco will need to take the pathways available to emerging economies to catch up even faster with developed economies», the memorandum indicates.
Investing in intangible capital
To maintain economic growth Morocco is advised to invest in human capital. The World Bank stresses on the fact that placing education «at the heart of the Kingdom’s development is a necessary pathway to achieve greater human development». Improving the sector of education is highly valuable because it could bring value to all the projects launched for reform. Morocco has registered in the past few years a decline in the quality of education, many projects were launched to lift this department that has negative consequences on the economy of the country. Strengthening human capital is also linked to health and the quality of life : «Extending medical coverage, enhancing the efficiency of public health care and improving health system’s overall governance», the report highlights.
Investing in social capital is the key to achieve economic growth, according to the 2017 memorandum developing civic duty and maintaining gender equality is very important. The World Bank galvanizes Morocco to put effort in «encourage the development of a strong civil society and support a positive change in sociocultural norms».
The report also pushes Morocco to boost public institutions and services by «pursuing the decentralization effort in a meaningful way, improving staff and administrations’ performance, controlling superfluous staffing and streamlining the administration». Working on reforming the labor field is one of the steps that Morocco is supposed to follow by reinforcing fair competition, reviewing the labor code and boosting exports.
