00:00 So, the optimistic expectations this time from Morocco regarding growth and growth,
00:06 and also the failure in 2024.
00:09 Let's stop at these numbers and optimism that the Moroccan government is observing
00:15 in light of the directions and incentives that it has implemented
00:19 to also strengthen the role of the private sector.
00:21 And what it has pushed from a recent liquidity was more than 50 billion dollars
00:26 to strengthen the local investment in the Moroccan economy.
00:31 In addition to this huge amount of money,
00:34 it was also intended to create jobs,
00:37 approximately 500,000 jobs in Morocco from 2022 until the next five years.
00:45 We notice today, regarding the positive expectations of the Moroccan economy,
00:49 that the overall result here, we are talking about the expected numbers,
00:53 whether it is from 2023 and 2024,
00:56 that there will be a 3.4% growth this year,
01:00 and approximately 3.7% in 2024.
01:05 Regarding the financial failure, there are also positive expectations
01:08 that there will be a decline in this failure in 2023,
01:11 that it will decrease to 4.5%,
01:13 and that this decline will continue until 2024,
01:17 with a decrease of approximately 4% as expected.
01:21 But where does the Moroccan government rely during this time?
01:25 And also, what is it focusing on in light of the government's efforts
01:29 to strengthen local investment?
01:31 And also, what it has pursued from many strategies to support the industrial sector?
01:35 And also, expanding its share of global trade,
01:38 since the Moroccan share in global trade is approximately 0.15%,
01:44 and it is trying to increase this share,
01:47 in addition to opening markets more far from European markets.
01:50 We notice that there was an intention to increase the taxes,
01:54 which will support these numbers related to the local growth,
02:00 and also to compensate for spending on social security networks.
02:04 We are also talking about these numbers,
02:07 the expected positive and expected,
02:09 that there is also an expectation of a slow growth in Morocco,
02:13 and therefore, the targets for the central bank at 2% in 2025,
02:18 and to continue to lower inflation rates after it reached its highest levels
02:22 during the past years,
02:24 as a result of several factors,
02:26 whether they were geopolitical factors related to the Ukrainian crisis,
02:29 and what we have seen from the pressure on food prices,
02:32 and also during the past period,
02:34 this also led to the rise in inflation rates,
02:37 and therefore, from the numbers observed,
02:39 there are expectations of 6.5% in 2023 to record inflation,
02:44 and also to decrease to 3.4% in 2024.
02:49 The Moroccan government was also very concerned
02:53 about the expectations we observed in the international monetary fund,
02:59 and also related to unemployment,
03:01 as there are expectations of lowering unemployment rates,
03:04 and to record 11% in 2022,
03:08 and also to lower these rates to 10% in 2023,
03:12 in light of the reform plans,
03:14 and also the expansion of the government's investment.
03:17 Also, what we observe in this presentation,
03:19 we have some news,
03:21 the Moroccan budgetary obligations,
03:24 and the improvement of foreign demand for goods,
03:26 starting with the fact that there may be a major factor,
03:29 which is the recovery of the income after the disastrous performance
03:32 that took place in 2023,
03:34 as Morocco is mainly dependent on agricultural exports,
03:39 and is a major source for Morocco,
03:43 and therefore, we noticed that there was an effect
03:46 of a decrease in rainfall during the agricultural season,
03:49 also, for the production of grains,
03:51 with 75 million quintals in 2024,
03:55 which the government aims to achieve in the next year.
03:57 Also, there is an improvement in foreign demand,
04:00 especially for the country's goods,
04:02 and as we mentioned,
04:03 Morocco is mainly dependent,
04:06 especially on exports, and especially on phosphate,
04:09 and also the components related to this product,
04:13 and also on cars, and also on the production of aircraft,
04:16 electricity, and also gas and fabric,
04:18 and therefore, in order to improve foreign demand for the country's goods,
04:22 the euro price, which is based on this budget,
04:25 at 1.081,
04:28 for the dollar,
04:30 and therefore, we also notice an expectation
04:32 for the growth of exports in the next period,
04:34 in 2023, at 5.6%,
04:38 to rise in 2024 at 6.4%,
04:42 and there are also expectations for the growth of imports,
04:45 at 5.3%,
04:47 to rise to 5.9% in 2024,
04:51 so, the government's expectations are optimistic
04:53 regarding inflation and the shortage,
04:55 and also the growth in the Moroccan economy.
