Signs of Economic Recovery in Morocco
The Moroccan economy is showing some positive momentum after a difficult time reacting to global economic crisis. With demand from European consumers picking up, Morocco is beginning to tally some good news. Although there is some temptation to credit European consumers for this start of recovery, the biggest positive impact has no doubt been the excellent weather conditions that have had strong positive repercussion on farming.
Yet outside of agriculture, the positive revisions on global economic growth have given ways to a momentum of its own in Morocco. Upticks in activity in Morocco became palpable in the second half of 2009 as North American and European consumers expanded their purchases and businesses there braced for those changes. This positive momentum that began with improved sentiments and moved into actual commerce also positively affected other key sectors of the Morocco broad economy. Tourism receipts grew by 10.5% year on year in the first two months of 2010, while expatriate remittances also upped 7.4% in the same period.