An article in The Financial Times by Heba Saleh recently recognised that Morocco’s economy is remarkably immune from the economic challenges facing many other countries around the world. There is solid evidence to show it is maintaining economic stability in the face of the global credit crisis.
“The numbers in 2008 are certainly showing the very great resilience of the Moroccan economy in the context of international turmoil.” said Frances Clottes, head of the World Bank in Morocco. Despite the continuing reliance on agriculture for employment, increased revenue has come from tourism and corporate tax receipts – which rose 70% due to the higher level of investment in the country.
The most notable overseas investment has come from Renault, which is putting $1 billion into a new manufacturing plant adjacent to the new Tangier Med Port inside the Free Trade Zone. When complete the Port alone will generate around 100,000 new jobs and will be the largest such facility in the Mediterranean. The deal on its own is significant but ambitious locals are seeking to use this recognition by an internationally respected corporation to attract many other companies to the area, especially those in the aeronautical and automotive industries.
Morocco’s economic stability and the attraction of the Free Trade Zone in Tangier look likely to attract significant levels of further investment. All analysts foresee continuing high demand for property as the wealth created spreads through the Moroccan professional classes and expat professionals look for “western standard” accommodation.
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