Macroeconomic Forecast Morocco

Provisional Q209 balance of payments statistics have forced us to revise our 2009 current account balance estimates. On the back of weaker-than-expected services and current transfers balances, we are now pencilling in a 5.9% of GDP current account deficit in 2009. We expect the shortfall to narrow over the medium term, to 5.3% and 4.6% of GDP in 2010 and 2011 respectively.

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