IMF Predicts Steady Economic Growth in Morocco…

With many countries officially coming out of the global recession, in particular, several of Morocco’s key Eurozone trading partners, a recent mission to Morocco by the International Monetary Fund (IMF) has forecast that Morocco is set for a period of steady economic growth.

The largely positive conclusions of the IMF mission which  visited Rabat from November 2-13, will be welcomed by Morocco property buyers. The news will be especially encouraging to those who have, or are close to completing on their Moroccan property purchases and who intend to let out their properties with the aim of attracting rental income from the lucrative Moroccan  professional sector who are prepared to pay a hefty price premium for well-located holiday apartments during the peak summer letting season.

The IMF report noted recent stabilizing trends in several of the country’s key sectors and stated that non-agriculture GDP is expected to grow by about 2½ percent in 2009, with overall GDP growth  projected at about 5 percent. They also said that Morocco’s economic improvement is being influenced by the strong performance of the Asian economies and recovery signs in other countries.

The mission concluded that Morocco’s financial system remained robust and  because of its limited integration with the external world, Morocco has not felt the direct effects of the global financial downturn.

Michael Kent, Managing Director of Moroccan property specialist, Moroccan Sands, commented: “Its encouraging to hear that the Moroccan economy is set for a period of economic growth, although because of the uncertain nature and potential unevenness of the global recovery, its important for those considering purchasing property in Morocco to make astute choices.” He added: “Prestigious developments such as the Blue Pearl Golf Resort in Saidia where front-line golf apartments are to be  sold at 25% below current market prices and come with an 8% - 3 year rental guarantee, are definitely worth considering.”