Moroccan economy gets upbeat forecast
The Moroccan Al-Wasit (Broker) Financial Analysis Association has estimated that companies in the Moroccan business sector will achieve an average profit growth rate of 13.2 percent by the end of 2001.
Al-Wasit also anticipates the listed stocks on the Casablanca Securities Market will generate an average of 10 to 12 percent yield growth this year, compared to the 15 percent decline in 2000.
Quoted in the Al-Hayat daily, Al-Wasit reported that the financial performance of the Moroccan private sector had grown noticeably in the first quarter of 2001, following a two-year slowdown. The association attributed the earlier recession to several internal factors, including the drought and budget deficit, in addition to external factors such as the devaluation of the euro and the rising cost of energy.
At the end of 2000, Morocco’s trade balance stood at $4 billion. Local financial sources predict the GDP will grow by 8 percent in 2001, compared to a mere 0.7 percent in 2000. The same sources estimate the present liquidity in the Moroccan banking sector to be worth $23 billion. – (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)