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Khalil

Morocco finds itself confronted with a huge crisis, which is slowly spreading in the sphere of its real economy.

The risks of the crisis are now an integral part of the economic environment. It is impossible to avoid them, but is necessary to remain on a state of alert to cope with them when they show up.

Although the crisis comes in an improved macroeconomic environment and the perspectives of good harvests may mitigate the possible growth loss, Morocco's economy has already started to feel the crisis' heavy impact, owing in part to the exposure of some sectors to exterior shocks.

Foreign demand, transfers of Moroccans living abroad, tourism sustain the outcome of European households' loss of purchasing power or their more cautious spending.

This tendency, if it continues, may have durable consequences on growth, the already ailing competitiveness and the living standards of the country's most underprivileged populations.

In fact, it is indisputable that, with the globalisation of markets and the interdependence of national economies, the crisis may expand more rapidly and at larger levels.

Efforts should therefore be focused on the preparation of pragmatic measures and an action plan that can be immediately implemented. Regulation mechanisms should also be reinforced to enable the economy to better respond to the eventual risks.

Some judicious and potentially consensual solutions may be found for the problematics resulting from the crisis, but they can be decided and implemented only through adapted methods and instruments.

The current context and the fear of an exacerbated economic situation require rapid and appropriate solutions to specific problems arising from the crisis and the trouble risks in some sectors: textile, cars and aeronautic outsourcing, agribusiness and real estate and tourism.

A number of measures and sectoral action plans have already been drawn up. But what is their content and capacity? What are the financial resources allocated for them? What is their cost and what are the expected results? What is the institutional mode, through which the professional associations and companies of the targeted sectors will adopt these action plans? What part will be taken by the small and medium companies (SMEs) in allocation of these resources? And what are the specific devices envisaged on behalf of the SMEs?

By CMC