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FINANCIAL NEWS
Morocco expects 5% growth in economy
01 Apr 2011
(MENAFN) Morocco’s economic affairs minister, Nizar Baraka, stated that the country still eyes an economic growth of 5 percent despite the expected negative affect of unrest throughout the region, reported Arab News.
The minister also said that the impacts expected from the political uprisings were estimated to hit Morocco’s foreign investment first and then its tourism.
Baraka added that the government increased subsidies for items such as wheat, sugar, and oil by USD1.84 billion and it also allocated USD2.12 billion in 2011’s budget.
It is worth noting that the economic affairs minister said he expected Morocco to be able to afford the increase in subsidies without increasing its deficit by increasing revenue.
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