The book "Morocco's Quest for Stronger and Inclusive Growth," edited by Roberto Cardarelli and Taline Koranchelian of the International Monetary Fund (IMF), offers a comprehensive overview of the progress of the Moroccan economy over recent decades.
Presented on the occasion of the Annual Meetings of the World Bank Group (WB) and the IMF, taking place in Marrakech from October 9 to 15, the book also sheds light on the Kingdom's forthcoming economic modernization program.
Over the past three decades, Morocco has made remarkable progress in terms of economic stability and development, as highlighted in the book.
It is, therefore, no coincidence that, as a result of this progress and the recognized effectiveness of its economic institutions, Morocco was granted an IMF Flexible Credit Line in 2023, which is a precautionary credit line reserved for countries with very sound policies and institutional frameworks.
According to the publication, Morocco's story offers valuable lessons for many developing countries still striving to build the foundations of their macroeconomic stability. The series of reforms the Kingdom has begun to implement can also serve as inspiration for all countries wishing to strengthen their growth and make it more inclusive.
In the foreword, IMF Managing Director Kristalina Georgieva writes that this book explores the factors underlying Morocco's resilience and points to the many reforms launched decades ago. These reforms include opening the country to international trade, investing in essential infrastructure, reducing untargeted subsidies, strengthening the independence of the Central Bank (Bank Al-Maghrib/BAM), developing a sound financial supervisory framework, and modernizing governance in both the public and private sectors.
For his part, the Head of Government, Aziz Akhannouch, points out in the Preface that this book highlights the achievements already made under the leadership of King Mohammed VI, without ignoring the scale of the challenges still ahead.
"By putting the Kingdom's recent economic and social advances into perspective, this book bears witness to Africa's rise to power," he stresses in the book, which is the result of collaboration between economists from the IMF and WB, among others, and Moroccan peers.
