Economy And Budget Looking Good For The Long Term

While we expect a slowdown in Morocco's economic growth to 3.6% in 2010, down from an estimated 4.6% in the previous year, we believe this will be a one-off downturn with average growth over the 2011-2014 period coming in at 4.0%. Alongside, we expect the fiscal balance to flip back into surplus in 2010, averaging 2.2% of GDP over our forecast

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