Morocco/Structural transformation: Interview with Beata Javorcik, chief economist at the EBRD

Beata Javorcik, chief economist at the European Bank for Reconstruction and Development (EBRD), gave an interview to MAP on the sidelines of the presentation of the EBRD’s 2023-2024 transition report. Here is the content:

1. Faced with a changing global socio-economic landscape, how do you assess the positioning of the Moroccan economy, as well as the reforms undertaken?

• Morocco is well positioned to take advantage of the opportunities offered by developments in the global economy.

The country has stood out for its macroeconomic stability. It is the only economy in the Middle East and North Africa (MENA) region with a net-zero emissions target, and it is among the few countries with an extensive network of trade agreements, not only with Europe, but also with the United States and African countries. This means that Morocco faces a window of opportunity.

2. How can the Moroccan economy take advantage of all the opportunities available to it in order to create an even more favorable environment for major investments?

• To take full advantage of emerging opportunities, Morocco must above all accelerate its investments in renewable energies.

The Kingdom has the potential to export green energy, including green hydrogen and green electricity, while needing these energy sources to power its own manufacturing sectors.

Morocco can also attract numerous industrial activities through the reconfiguration of global value chains, while demonstrating its capacity to provide green energy to these activities.

It can also increase its exports of ICT services, the latter of which must also have access to green energy, given that buyers of these services are increasingly attentive to their carbon footprint.

3. According to the report, the diversification of the Moroccan economy and the promotion of investment in renewable energies and infrastructure are absolute priorities. What effects can these initiatives have on economic growth, investments and exports?

• All these initiatives can stimulate Moroccan exports, promote economic growth and diversify the country’s economy. A more diversified economy will make Morocco more resilient to shocks, whether climatic or geopolitical.

In addition, faster growth could create employment opportunities for new generations of young people as well as for women.