Morocco says it scores encouraging economic results, despite drought

Despite several years of drought, Morocco has managed to score positive economic results between 1998 and 2001, including the downsizing of external debt to US$14.2 billion from US$19.1 billion.

The statement was made Wednesday by Moroccan Prime Minister, Abderrahmane Youssoufi, at a scientific meeting here.

Economic growth posted an average rate of 3.8 percent between 1998 and 2001 against 2.8 percent only between 1993 and 1997, Youssoufi said.

Morocco also managed to drain US$7 billion in foreign investments during this lapse of time. Two thirds of these investments are job-generating, he said.

Despite the terror attacks against the USA last September 11, the year 2001 was exceptional for Morocco with a growth rate of 6.5 percent, said Youssoufi, who added that inflation was below 1 percent of the GDP.