{
  "title": "Morocco: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Morocco",
  "publication": "IMF Staff Country Reports, March 2, 2010",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/morocco-2009-article-iv-consultation-staff-report-public-information-notice-on-the-executive-23673",
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  "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.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- 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.\n- The direct impact of the global crisis on Morocco has been limited, primarily affecting Morocco through real channels.\n- Exports, tourism receipts, remittances, and foreign direct investment (FDI) have all declined primarily owing to the slowdown in Europe.\n- Morocco has low public debt and low inflation, and the financial system is sound, with little exposure to international markets."
    },
    {
      "heading": "Key findings and economic indicators",
      "content": "- Pages: 47\n- Volume: 2010\n- Issue: 058\n- Series: Country Report No. 2010/058\n- DOI: https://doi.org/10.5089/9781451948288.002\n- Stock No: 1MAREA2010001\n- ISBN: 9781451948288\n- ISSN: 1934-7685\n- Date on page: March 2, 2010"
    },
    {
      "heading": "Channels of impact identified",
      "content": "- Primary channel: real sector transmission from the slowdown in Europe.\n- Affected components:\n  - Exports\n  - Tourism receipts\n  - Remittances\n  - Foreign direct investment (FDI)"
    },
    {
      "heading": "Structural and macroeconomic strengths noted",
      "content": "- Low public debt\n- Low inflation\n- Sound financial system with little exposure to international markets\n- Benefits from a decade of macroeconomic and structural reforms providing policy space"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Credit, Current account, External debt, Fiscal policy, International trade, Money, Public debt, Trade balance\n- 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\n\nInternational 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).\n\n---\n\n Content in this bundle\n\n- cr1058\n  - cr1058 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1058 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr1058f\n  - cr1058f (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1058f (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 2, 2010",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451948288.002",
    "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.",
    "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",
    "Primary channel: real sector transmission from the slowdown in Europe.",
    "Affected components:",
    "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",
    "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",
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