Morocco: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Morocco

IMF Staff Country Reports, March 2, 2010

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Morocco: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Morocco

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Bibliographic details

• Published: March 2, 2010
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451948288.002

Summary

• Morocco’s strong starting position, reflecting macroeconomic and structural reforms introduced over the last decade, has given the country greater room to maneuver in its policy response.
• The direct impact of the global crisis on Morocco has been limited, primarily affecting Morocco through real channels.
• Exports, tourism receipts, remittances, and foreign direct investment (FDI) have all declined primarily owing to the slowdown in Europe.
• Morocco has low public debt and low inflation, and the financial system is sound, with little exposure to international markets.

Key findings and economic indicators

• Pages: 47
• Volume: 2010
• Issue: 058
• Series: Country Report No. 2010/058
• DOI: https://doi.org/10.5089/9781451948288.002
• Stock No: 1MAREA2010001
• ISBN: 9781451948288
• ISSN: 1934-7685
• Date on page: March 2, 2010

Channels of impact identified

• Primary channel: real sector transmission from the slowdown in Europe.
• Affected components:
  • Exports
  • Tourism receipts
  • Remittances
  • Foreign direct investment (FDI)

Structural and macroeconomic strengths noted

• Low public debt
• Low inflation
• Sound financial system with little exposure to international markets
• Benefits from a decade of macroeconomic and structural reforms providing policy space

Subjects and keywords

• Subject: Credit, Current account, External debt, Fiscal policy, International trade, Money, Public debt, Trade balance
• Keywords: BAM's Board, CR, Credit, dirham exchange rate, economy well, Europe, exchange rate, foreign currency, Global, ISCR, Maghreb, money market rate, Morocco, Trade balance

International Monetary Fund. "Morocco: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Morocco", IMF Staff Country Reports 2010, 058 (2010).

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