Arab Monetary Fund: Morocco to record six percent growth in 2001
The Moroccan economy is expected to record a six percent growth rate in 2001, compared to the meager 0.8 percent growth rate it had achieved in 2000 due to a severe drought, the Arab Monetary Fund (AMF) forecasted in a recently published report.
Based on the current industrial and agricultural production levels, oil and gas prices and recent economic reforms in several countries, the AMF assessed economic developments in nine Arab countries in 2001, of which Morocco is predicted to experience the most significant growth, reported Al-Watan.
According to the report, Saudi Arabia is expected to record a 1.3 percent growth rate and a 0.5 percent inflation rate by the end of 2001. The drop in oil prices following the September 11 terrorist attacks on the United States hampered the Kingdom’s chances of reaching the previously predicted three percent growth rate.
Saudi Arabia is expected to achieve a $45.3 billion foreign trade balance surplus in 2001 with exports reaching $73.2 billion and imports reaching $27.9. The Saudi balance of payments is also expected to achieve an $8.2 billion surplus.
Egypt’s average growth rate is expected to remain relatively unchanged compared to last year’s 3.3 percent, however the Fund predicts the Egyptian foreign trade balance to indicate a $10.3 billion deficit with exports reaching $7.1 billion and the imports reaching $17.4 billion.
The report assessed Kuwait’s average growth rate at two percent for 2001, slightly higher than its 1.7 percent average growth rate in 2000. Bahrain and Oman are both expected to record a 3.5 percent growth rate.
The AMF is an intergovernmental institution established in 1976. It is composed of all members of the League of Arab States, except the Comoros. The headquarters of the AMF are in Abu Dhabi, United Arab Emirates (UAE).
AMF aims to promote the stability of exchange rates among Arab currencies and render them mutually convertible, to correct disequilibria in the balance of payments of member states by providing loans and to establish policies of monetary cooperation and coordinate the positions of member states in dealing with international financial and economic problems. — (menareport.com)
© 2001 Mena Report (www.menareport.com)