Oxford Business Group THE INSIDE EDGE

Presentation Title Date

LE MAROC: A L’ABRI DE LA CRISE

19 November2009 Skhirat, Morocco

Oxford Business Group THE INSIDE EDGE

Presentation Title Date

THE REPORT: MOROCCO 2009

Oxford Business Group THE INSIDE EDGE

Oxford Business Group THE INSIDE EDGE

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Continued growth in a time of financial crisis (Real GDP: 5.7% 2009)

Continuing diversification (Services growing to over 50% of GDP)

Nominal output of Dh689bn ranks Morocco 9th in the Arab world

Reduced unemployment (8% in Q2 2009, down from 9% in Q2 2008)

Exports slowed but falling imports narrowed deficit (35% drop in exports, 23% drop in imports)

Declining inflation (2.8%) Oxford Business Group THE INSIDE EDGE

A Story in Numbers

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Oxford Business Group THE INSIDE EDGE

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The crisis has shrunk activity in the EU, Morocco’s largest trading partner

The Kingdom’s budget deficit increased to 2.7%

Debt also grew to 56.8% of GDP

Remittances, the second largest foreign currency earner, continue to drop

Foreign investment has fallen from 2008

The economy’s primary sectors, including agriculture and fisheries, are cyclical

Low per capita GDP of $2738 Oxford Business Group THE INSIDE EDGE

Not Quite Perfect

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Oxford Business Group THE INSIDE EDGE

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Morocco has becomes more competitive as businesses look to outsource or offshore

No need for stimulus but streamlined fiscal and tax legislation have helped spur growth

A number of major development strategies highlight investment priorities

New infrastructure projects underscore transshipment opportunities towards both Europe and Africa

Improving business environment

Oxford Business Group THE INSIDE EDGE

Silver Lining

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Oxford Business Group THE INSIDE EDGE

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A final tally