FMI

Morocco a model to follow, according to the IMF

Morocco’s trajectory of economic resilience and incredible transformations over the years is a model to follow, said Deputy Managing Director (DGA) of the International Monetary Fund (IMF), Gita Gopinath, at the Conference “A Transformational Recovery: Seizing the Opportunities of the Crisis” held on June 23-24 in Rabat.

“We can draw inspiration from Morocco’s history as economies around the world seek to build resilience, while seeking a transformational recovery that builds their potential for the future,” Mr. Gopinath said during the conference. high-level conference, organized at the initiative of Bank Al-Maghrib (BAM), in partnership with the IMF and the IMF Economic Review.

She also pointed out that as the global economy was recovering from its worst moments due to the pandemic, the situation was again aggravated by new shocks, at the origin of the Russian-Ukrainian conflict. And to support: “We have lowered our global growth projections to 3.6% for both 2022 and 2023”.

Inflation has also remained elevated and extended beyond energy and food prices in many economies, Gopinath noted, adding that recent strict lockdown measures in China are weighing on growth. and risk causing further disruptions in global supply chains.

For the DGA of the IMF, it is crucial to act immediately in the face of this situation, by taking measures which will make all the difference for the future, this is in particular the role of this conference in order to identify the main existing problems and find the right answers.

For his part, the Director of Studies of the IMF, Pierre Olivier Gourinchas stressed that this conference aims to help better understand the world of tomorrow, and in doing so, help to navigate the world of today, noting that it marks also the beginning of the joint journey towards the annual meetings of the IMF and the BAM, which will be held in Marrakech next year.

He also noted that the economic environment is exceptionally difficult to control, stating that “these difficulties should not make us lose sight of the need to adapt our economies to the many structural transformations which are already underway and which will only continue. ‘intensify in the years to come’.

“The difficulties we face today can also provide opportunities to adapt to the challenges of the future”, he argued, highlighting the need to seize these opportunities in order to build a greener world, a more robust economy, and a society where everyone has every opportunity.

In addition, he indicated that Morocco has succeeded, during the pandemic, and in a very innovative way, in coming to the aid of more than 5 million workers in the informal sector, thanks to the implementation of digital tools. .

This successful approach demonstrates the leadership role that Morocco can play in the implementation of structural reforms that allow more robust growth and the development of a more inclusive economy, he noted, recalling in this sense that the he commitment of the IMF and the BAM, in preparation for the Annual Meetings of Marrakech, underlines the growing importance of Morocco both for the region and more globally.

This event brings together public sector leaders from central banks and ministries of finance, senior officials from international organizations as well as experts from academia, and examines the challenges facing emerging and developing economies, in the short and medium term, in the post-Covid-19 era, aggravated by the effects of the war in Ukraine.

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