Published work: Morocco’s Quest for Stronger and Inclusive Growth

A recently published work, “Morocco’s Quest for Stronger and Inclusive Growth,” edited by Roberto Cardarelli and Taline Koranchelian of the International Monetary Fund (IMF), has cast a spotlight on Morocco’s remarkable economic development over the past decades. Presented during the annual meetings of the World Bank Group and the IMF, held from October 9th to 15th in Marrakech, this book also unveils the Kingdom’s forthcoming economic modernization program.

As detailed in this publication, Morocco’s economic success story of the past three decades stands as a shining example of sustainable growth and stability and an ongoing improvement in living standards. These accomplishments owe their credit to an adequate fiscal policy, the effective execution of a public investment program that has significantly enhanced the country’s infrastructure, and a series of meticulously planned reforms that have also opened Morocco’s doors to international trade, successfully attracted foreign investors, and progressively strengthened the governance structures of public administrations.

Moreover, the acknowledged efficiency of Morocco’s economic institutions is translated by the Flexible Credit Line granted by the IMF in 2023. This credit line is typically reserved for countries demonstrating exceptional policies and robust institutional frameworks.

The publication asserts that Morocco’s economic journey holds valuable lessons for numerous developing nations grappling to establish the fundamental underpinnings of macroeconomic stability.

The book is thoughtfully structured into four segments. The first, “Morocco: Past reforms and transformation program”. The second section, “Strengthening macroeconomic resilience”. The third and fourth sections are respectively titled “Towards a more productive and diversified economy” and “Promoting inclusion”.

Furthermore, in her foreword, Ms. Kristalina Georgieva, the Managing Director of the IMF, elucidates that this work delves deep into the core factors that underpin Morocco’s resilience while highlighting the myriad reforms initiated decades ago. These reforms encompassed opening the nation to international trade, substantial investments in critical infrastructure, a gradual reduction of non-targeted subsidies, reinforcing the independence of the central bank, forging a robust financial oversight framework, and modernizing governance structures across both the public and private sectors.

In the preface, Prime Minister Mr. Aziz Akhannouch acknowledges the accomplishments achieved under the leadership of His Majesty King Mohammed VI, while remaining acutely aware of the challenges yet to be surmounted.

“In examining Morocco’s recent economic and social strides, this publication underscores the ascendance of Africa,” emphasizes Mr. Akhannouch. This collaborative endeavor, uniting economists from the IMF, the World Bank, and Moroccan experts, offers a beacon of hope and guidance for nations striving to navigate the path toward sustainable and inclusive economic growth.