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The growth of real GDP in Morocco will stand at 2.9% in 2019 and reach 4% in 2020, according to the African Development Bank (AfDB).
«The medium-term economic outlook projects a continuing decline in real GDP growth, to 2.9% in 2019, before a rebound to 4.0% in 2020. The projected slowdown in 2019 is attributable to a slight decline in primary sector value added», said a report by the bank on the «African Economic Outlook - 2019», presented on Thursday in Abidjan.
The economy continues to show resilience, it said, adding that fiscal deficit, an estimated 3.9% of GDP in 2018, up from 3.7% in 2017, is expected to gradually shrink under fiscal consolidation, tax reform, the rationalization of public expenditure, and more effective collection of tax revenues.
The bank noted that Morocco has achieved remarkable economic performance over the past decade.
The AfDB added that the current account deficit was an estimated 3.8% of GDP in 2018, up slightly from 2017, reflecting primarily a rise in imports of oil and capital goods, while alleviated by tourism receipts and remittances.
The stock of core infrastructure has grown thanks to an average capital investment rate of 34% during 2008–18, compared with 29.8% in 2007, enhancing the country's attractiveness to foreign direct investment.
Economic diversification into the automotive, aeronautics and electronics industries has been a core objective of the Industrial Acceleration Plan, it said.
These diversification efforts are expected to extend the agribusiness and service sectors and stimulate technology transfer and job creation, it added, noting that its success will depend on, among other factors, the ability to implement human capital development policies that match the needs of the various productive sectors.
