Morocco targets 5.5 percent growth rate

Morocco decided to set up a five-year economic plan for the 1999-2003 period to endow the Moroccan private and public sectors with "a strategic vision" and a long-term visibility.

A communique released lately by the finance department says Morocco targets, during that period, a 5.5 % annual economic growth, an annual inflation rate between 2 and 2.5 % and savings and investment to account by year 2003 between 24 and 25 % of the GDP.

Morocco also intends to increase direct foreign investment to reach annually $ 1 billion, the communique added, affirming that the finance minister has asked the national commission in charge of setting the plan to sketch out the necessary moves to drain more foreign investments.

According to official figures released by the Moroccan finance and economy authorities, foreign direct investments and loans plummeted in the past semester to $ 170 million against $ 796.7 million during the same period of last year.