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Thursday 18 May 2017

Morocco to Be First Non-Oil Producing Country in MENA to Join Emerging Countries (WB)

Vocal synthesis
Morocco to Be First Non-Oil Producing Country in MENA to Join Emerging Countries (WB)

Over the next few decades, Morocco will be the first non-oil producing country in the MENA region to join the emerging countries club, according to a World Bank report entitled “Morocco 2040 - Emerging by Investing in Intangible Capital”.

   According to the report, which was presented in Casablanca on Tuesday by Marie-Françoise Marie-Nelly, World Bank Director for the Maghreb and Malta, Morocco has achieved undeniable advances over the last 15 years, economically and socially, as well as in the fields of individual liberties and civil and political rights.

   These advances have included, inter alia, relatively high economic growth, a significant increase in national wealth and the average standard of living of the population, eradication of extreme poverty, universal access to primary education, better access to basic public services and considerable infrastructure development.

   Thanks to these advances, Morocco has initiated a process of economic catch- up to the countries of southern Europe (Spain, France, Italy, Portugal), the report says.

   To understand the paths of such a catch-up, this memorandum sets out a diagnosis of the Kingdom's economic and social performance over the past 15 years before projecting itself in 2040 and analysing the economic scenarios that would double the current convergence rate of the Moroccan economy towards the countries of southern Europe.

   The report is a comprehensive document aimed at assessing Morocco’s recent economic performance and its prospects for growth over the next two decades.

   The report outlines the economic governance reforms that could facilitate the achievement of an ambitious, albeit realistic, scenario of faster sustainable economic growth and more inclusive human and social development.

MAP 17 May 2017