Despite the constraints and the succession of shocks, Morocco has maintained and even extended its reform agenda and its transformative economic and social projects. These are the findings of Bank Al-Maghrib’s annual report, submitted by its Governor, Abdellatif Jouahri, to HM the King on the occasion of the Throne Day. According to Jouahri, the challenge today is to maintain momentum, consolidate achievements, and ensure their sustainability. For Jouahri, this means successfully completing a series of major transitions. In terms of social dialogue, for example, he believes it would be wiser to base it on an approach that takes account of social justice and the reduction of inequalities, in addition to improving working conditions.
As far as the transition to a green economy is concerned, over and above emergency solutions, BAM advocates speeding up policies to adapt to and combat climate change, and strengthening their coherence. The digital transition is no exception. “ Its success depends on strengthening infrastructure, particularly public infrastructure, improving the quality of education, and creating an environment that encourages the emergence of a digital ecosystem». One of the main announcements concerns the forthcoming establishment by BAM, in collaboration with stakeholders, of a Fund dedicated to fintechs. This Fund will provide project owners with financial support and assistance in carrying out their projects.
For the Governor of the central bank, the success of all these transitions requires substantial resources that the State alone cannot mobilize on a sustainable basis. This may require the involvement of the private sector and foreign partners. The Governor also stressed that Morocco’s march towards emergence and prosperity requires the continued refocusing of public policies on the fundamentals of development. This concerns human capital, good governance, and the business environment, in addition to preserving macroeconomic equilibrium.
With regard to macroeconomic indicators, Abdellatif Jouahri pointed out that the national economy improved significantly in 2023, with growth of 3.4%. Inflation gradually receded, ending the year with an average of 6.1%. On the other hand, the labor market situation remained difficult in 2023, with a loss of around 157,000 jobs. According to Jouahri, the budgetary recovery process continued, enabling the deficit to be limited to 4.4% of GDP, thanks in particular to the good performance of tax revenues and substantial receipts from innovative financing mechanisms, in addition to the resources mobilized through the Special Fund for managing the effects of the earthquake.
M.A.M.
