In an article by Heba Saleh in The Financial Times of London recognised that Morocco and its economy are remarkably immune from the troubles caused by the banking system and credit crunch in countries around the world. Despite being the only nation in the Magreb without its own oil or gas Morocco nonetheless appears to have managed to maintain economic stability in the face of global inflation.
“The numbers this year are certainly showing the very great resilience of the Moroccan economy in the context of international turmoil.” said Frances Clottes head of the World Bank in Morocco.
Despite the continuing reliance on agriculture for employment, increased revenue has come from tourism and corporate tax receipts – which rose 70% due to the higher level of investment in the country.
“From 1996 to 2004 nothing was happening in the economy,” said a Moroccan investment banker. “But starting from 2005 things started to improve thanks to all the public investment in infrastructure and the private investment in real estate and tourism.”
The most notable overseas investment has come from Renault which is putting $1 billion into a new manufacturing plant just outside Tangiers adjacent to the Tangier Med Port and inside the Free Trade Zone. When complete the Port alone will generate around 100,000 new jobs and will be the largest such facility in the Mediterranean.
The deal on its own is significant but ambitious locals are seeking to use this recognition by an internationally respected corporation to attract many other companies to the area, especially those in the aeronautical and automotive industries.
This all great news for people who have already invested in property in Tangier as the unique combination of Morocco’s economic stability and the attraction of the Free Trade Zone in Tangier look likely to attract significant levels of further investment. All analysts foresee a continuation of property price growth as the wealth created spreads through the Moroccan professional classes and expat managers look for “western standard” accommodation in Tangier.
Source: The Financial Times : Oct 2nd 2008