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Thursday 15 April 2021

Covid19: Morocco Has Shown Remarkable Economic Resilience - Italian Magazine

Covid19: Morocco Has Shown Remarkable Economic Resilience - Italian Magazine

Morocco has shown remarkable economic resilience in the context of the novel coronavirus pandemic, according to Italian publication "Economy magazine".

In this period of Covid-19 crisis, the Moroccan industry, carried by its various sectors and focused on a variety of ecosystems, has managed to demonstrate more than ever its ability to withstand shocks and recover even stronger, wrote journalist Marco Scotti. Morocco has been "sufficiently resilient", facing the "tsunami of this unprecedented crisis," he added.

Morocco's economy has shown "a perfect reactivity during the pandemic", noting that "many textile factories have been converted to manufacture masks and visors, while the Moroccan aeronautics industry has engaged in the production of five hundred artificial respirators."

In the midst of the crisis, "the prospects were extremely interesting for the aerospace sector, which has posted an expansion of activity," the publication noted.

The agricultural and food industries have also continued to demonstrate their strong resilience in terms of production, valuation and supply of agricultural and food products, it said.

This performance has been achieved "thanks to an effective sectoral strategy and perfected over time, even at the height of the crisis that has highlighted the issues of food security in a context of renewed protectionism and economic sovereignty," Scotti underlined.

During this long pandemic crisis, and unlike its regional neighbors, Morocco has shown that it has strong economic, social and regional levers that have allowed it to control its public debt to less than 75% of GDP and a sustainable external debt of 3.5 billion euros, he wrote.

Economic resilience, he explained, has been strengthened by the country's social solidarity structure, the inclusive effect of the special fund for the management of Covid-19 but also by resilient food sovereignty, the strong resistance of the currency (dirham), in addition to the close correlation between the economic growth model and domestic demand.

In the post-pandemic era, "Morocco is building its socio-economic shift" as "a hub between Africa, Europe and the Mediterranean, and could become a platform for global value chains and public-private partnerships in the pharmaceutical, automotive, electrical, digital, aeronautical, textile and agri-food sectors," the publication concluded.

MAP 15 avril 2021