Sunday, 20 December 2009

Moroccan policy-makers claim progress despite global slump

A bruised but battling Morocco has used competitiveness-boosting measures to fight through the global financial crisis, a government oversight committee concluded this week.

"The measures taken to tackle the crisis have mitigated the downturn witnessed since the end of 2008 and beginning of 2009," Finance Minister Salaheddine Mezouar, who heads the Strategic Monitoring Committee created in February to manage the crisis, told Magharebia on Tuesday (December 15th).

Morocco's recession has slowed in recent months, as the rate of contraction of critical sectors has decelerated. The most encouraging signs are in the two largest sources of foreign income: tourism and remittances. Tourism contracted by only -8.1% in October, compared with -21.6% in March, while in the same two months, remittances declined by only -7.7% as compared to -14.6%. Read more

1 comment:

  1. Keep posting stuff like this i really like it.