Prime minister forecasts 4% growth rate in 2000-2004
Morocco, Economics, 11/30/2002

Morocco's Prime minister, Driss Jettou, said on Thursday the growth rate of the Gross Domestic Product (GDP) is scheduled to stand 4% in the 2000-2004 period.

Jettou, who was answering questions by heads of parliamentary groups during the debate on the government's program, said it would be difficult to reach the 5% growth rate forecast in the 2000-2004 five-year plan which implies a 9% growth rate in non-agriculture sectors.

In order to reduce the unemployment rate from 12.5% to 10% by 2007, Jettou said it would be necessary for the Moroccan economy to exceed 6% in its growth rate, and therefore reduce its dependence on agriculture, improve its competitiveness, map out a policy of services promotion and adopt an efficient strategy for job-generating without weighing too much on public funds.

Reacting to some MPs criticism over the lack of clarity in the government's program regarding debt, the prime minister said the government will carry on efforts to alleviate the external debt burden by diversifying financing sources and seeking a balance between internal and external finances. The government will focus its action on swapping external debt into investments or by refinancing heavy debts or having their interest rates reconsidered.

As regards internal debt, he vowed to continue efforts to promote and modernize the capital markets which has been successful in secure stable and non-costly financing sources.

Regarding unemployment, he cited a package of measures, mainly promoting investments, upgrading the Moroccan economy competitiveness and vocational training. Other major projects to be carried will secure a significant number of jobs, he said citing the construction of 100,000 houses that will create 120,000 jobs, the port compound of Tangiers (25,000 direct and indirect jobs and 20,000 stable jobs), in addition to the tourism promotion program that will generate over 10,000 direct and 50,000 indirect jobs each year.

As to the health sector, the prime minister said the government will be allocating an additional budget, worth 150 million Dirhams (US$ 15 million).

The government will further submit to the parliament amendments deemed appropriate to adapt the 2003 finance bill to the scheduled goals and projects.

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