Morocco was not affected by Asian crisis, say economists

Morocco was shielded from effects of the crisis that hit the economies of southeast Asian countries, in view of Morocco's low volume of financial transactions, Moroccan economists said on Wednesday.

This situation is ascribed to the weakness of Morocco's economic fabric and the low volume of financial transactions and not due to preventive measures taken by Morocco, said the experts at a seminar.

For Ali Benammor, the Moroccan economy has however suffered indirect effects, mainly in trade as the Asian crisis led to an unfair competition between Moroccan and Asian goods and led to a slump in fish prices on the international market.

He explained that Japan, for example, was forced to devaluate its currency and therefore the prices of fish slumped.

For the economist, the best solution is to improve the skills of Moroccan workers, restructure social relations to avoid corporate conflicts and upgrade the competitiveness of Moroccan economy.

Voicing the same opinion, another economist, Laarbi Jaidi, said the Asian crisis had indirect negative impacts on the Moroccan economy as it entailed the flow of capital to Europe and therefore benefitting south Mediterranean countries, including Morocco, MAP reported.

The same concern was also expressed as to the need of restructuring Moroccan enterprises, develop capital markets, and succeed in anchoring the national economy to the world economy.