Macroeconomic Forecast Morocco

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While in real terms, we are forecasting Morocco's net exports position to deteriorate in 2009, the current account will be afforded some respite by falling food and energy prices. Furthermore, after a period of euro strength, the unit is now retreating, with Morocco's currency basket arrangement translating into appreciation against the euro. Overall, we expect the current account deficit to narrow slightly in 2009, coming at 2.6% of GDP, compared with 3.0% in 2008.