The International Monetary Fund (IMF) has described Morocco as ‘remarkable’. The IMF praised the economic progress achieved by Morocco in the past years, stressing the growth of GDP, the strength of the financial sector and the recent improvement in the tax system.
The IMF board commented that the ‘GDP growth has moved onto a higher trajectory, inflation has been contained, foreign direct investment has increased, and poverty and unemployment have been reduced significantly’ adding that ‘this reflects the ongoing diversification of the non-agricultural sector, and its increased resilience to shocks and as a result, real per-capita income is on the rise and the unemployment rate has started to decline’.
The international institution commended the authorities for the recent improvement in the fiscal position, which has played a key role in boosting the private sector confidence. The IMF stated that the increased FDI has boosted reserves to US $21Bn for 2007, significantly higher than the stock of public external debt.