Morocco’s Economy Faces Challenges: OECD Highlights Path Forward
Morocco’s economy is on track to overcome three major challenges in the near future, as outlined by Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD). These challenges include boosting productivity, creating jobs, and addressing climate change and water scarcity.
Cormann emphasized the importance of tackling these long-term challenges to increase income and improve living standards. The OECD study projects a 4% economic growth for Morocco next year, driven by increased investment and strong exports.
To enhance productivity, the OECD recommends increasing private investment and combating corruption. The country’s high informal workforce and youth and female unemployment rates also require attention through tax reductions, labor inspections, and education improvements.
Moreover, Morocco faces environmental challenges like rising temperatures and water stress. The country aims to achieve carbon neutrality by 2050 and could benefit from leveraging its natural resources for higher growth rates.
Effective sectoral strategies and public-private collaborations are essential to realizing Morocco’s economic potential and ensuring sustainable growth. Addressing these challenges could pave the way for a prosperous future for Morocco’s economy.
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