Morocco posts 6.3% growth in 1998, World Bank reports

The Moroccan Gross Domestic Product recorded a 6.3% growth in 1998, estimates in the World Bank annual report say, the highest rate in North Africa and the Middle East.

The report released in Washington underlines the sharp recovery of the economy after a negative growth-rate recorded in the previous exercise mainly due to the drought which adversely affected Moroccan agriculture.

The $ 250 million loan, approved by the World Bank board and the $ 200 million loan by the African Development Bank that followed to back economic and social reform in Morocco are a genuine "vote of confidence," the World Bank said.

The World Bank loan, the largest one in the region this year, is a strong cue to foreign investors as to its support to the Moroccan medium-term economic strategy.