In 1999, Mohammed VI was enthroned King of Morocco at the age of 35 after the death of his father, the late Hassan II. 22 years later, Morocco has experienced a new era of change, dynamism and development.
In 22 years, the Kingdom has experienced a social and economic transformation that deserves to be proudly mentioned. Despite the fact that Morocco is a small developing world economy, it has been able to cope; effectively and proactively, to the Covid-19 pandemic. A challenge that he proudly took up thanks to all stakeholders, citizens and public authorities, a national project actively supported by the Sovereign.
Besides the “Glitches “Encountered during the Covid-19, as was the case with world powers, Morocco was able to go through this health crisis, which unfortunately still exists” et face the challenges of the pandemic, in particular the economic challenges ”, says Driss Effina, academic and president of the independent center for strategic analyzes interviewed by Hespress Fr, on the impact of Royal initiatives during the coronavirus health crisis.
” Several initiatives, notably Royale, have been taken to minimize and mitigate the effects of the pandemic on the national economy which suffered a drop of 6.5% of its GDP in 2020. Royal initiatives have mainly focused on the protection of the ‘production apparatus, that is to say, the national entrepreneurial fabric, businesses, through bank credit facilities at preferential rates and reduced eligibility conditions“, He explains to us.
Then, there were the lump-sum allowances that were granted to professionals in several sectors who lost their jobs, as well as the aid granted by the State to vulnerable families who generally work in the informal sector, continues our interlocutor.
On the tax side, the specialist recalls the tax measures that were also taken at the start of the pandemic and which made it possible to fluidify economic activity. “Indeed, there was the establishment of the Fund to combat the effects of the pandemic. It is a fund that is unique in its kind at the international level, because it is based on the principle of solidarity between the components of society and also companies at the national level, which has helped to relieve a little the general state budget“, Says Effina.
In 2020, the State also increased its investments significantly. This helped to relieve the economy and boost it, especially in terms of infrastructure, says the economist who mentions in this sense the creation of the Mohammed VI Strategic Investment Fund ” which is very important“, He asserts, then the economic stimulus plan of 120 billion dirhams. And finally, there was the generalization of social protection for all Moroccans, he recalls.
Covid-19: Royal initiatives in favor of a economic and social stability
This is the case, argues Driss Effina. ” What we have seen until the end of 2020 is that the impact has not been as strong as it was thought at the start of the pandemic. Added value fell by 6.5%. But in 2021, and through the latest economic indicators at the end of June, we noticed that the situation began to return to the level of the Covid-19 before. That is to say the same level of June 2019“, Explains the expert
This is due, according to him, to several indicators, in particular consumption. ” At the end of June 2021, household consumption was higher than at the end of June 2019. The same goes for the granting of loans which have climbed. This last point is also due to the launch by the State of the Intelaka program.“, Notes Effina. This program consists of access to financing, which represents 75% of the concerns of SMEs (according to a study by the High Commission for Planning).
Thanks to the Intelaka program, and in terms of business creation, the economist affirms that Morocco has started to be at a higher level than that of June 2019. “ What we have observed in macroeconomic terms, for 22 years of Mohammed VI reign, is that all macroeconomic indicators have experienced an increase which sometimes goes up to 3 times the value of the indicator. initial in terms for example of GDP or investments which have tripled ”, he said.
In terms of foreign direct investments (FDI), they have been multiplied by six, continues Effina, while in terms of well-being, “ there has been a considerable effect of this economic growth on the well-being of society ”.
” We have seen this in the fall in the poverty rate, which fell from 15 to less than 4.7%. The middle class too, has experienced a significant expansion that we have seen through the purchase of cars which reached 165,000 cars per year at the end of 2019. This places Morocco in third place in terms of individual car purchase by nobody after South Africa and Egypt“, Explains Effina.
Morocco is also ranked 3e in terms of housing purchase and access to property, argues the economist. ” Morocco reached 72% on this indicator, which shows that there has been a significant improvement in purchasing power. And this purchasing power has increased by an average of 2.6% over the past 22 years, under those of the reign of Mohammed VI.“, Concludes Driss Effina.