Morocco's debt to represent 31percent of GDP in 2003, says minister

Morocco's debt in 2003 will represent 31% of the GDP, instead of 52% as presently, Morocco's minister of economic forecasts and planning, Abdelhamid Aouad, said.

The minister also told the Moroccan radio channel that unemployment rate would stand at 14.6 percent after 2003 instead of 18.5% now. He added that the 1999-2003 five-year plan comprises a reasonable scenario that forecasts an average annual growth rate of 5.5%, in light of some constraints and financial arrangements.

He called for structural reforms in Morocco to prepare the economy and society to the challenges of technology revolution.

The five-year plan forecasts that investment rate will go up from 20 % presently to around 25% in 2003 and an increase of the saving rate that would reach 24%.