Pan-African bank lauds Morocco's economic growth

The African Development Bank (ADB) has lauded the efforts and progress made by Morocco towards sustained development.

The Bank cites in its Strategic Development Plan for 2003-2007, Morocco alongside Senegal, Tunisia, Mozambique, Botswana and Uganda, as countries where strong economic performances are positively impacting Africa.

These countries, the Bank said, enforced a rigorous economic management, good governance rules and stability, which created conditions favoring the improvement of populations' living conditions.

Morocco's economy, which stagnated over several years due to drought, took an upward turn in 2001 with the Gross Domestic Product jumping by 6 percent against an annual average of 1.6 percent between 1997 and 2000. Abundant rain and fiscal incentives contributed to this growth, ADB said.

Inflation is well under control in Morocco since the mid 1980's at 1 percent of the GDP, while budget deficit reached 7.1 percent in 2001 against an annual average of 4 percent.