Macroeconomic Forecast Morocco

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We are forecasting a deeper fiscal deficit in 2009, equal to 5.2% of GDP. This is due to a combination of falling tax and customs revenues (due partly to a cut in customs duties) and growing expenditure on social benefits and the government's fiscal stimulus package for the manufacturing sector. The latter is due to extend until 2011, and will keep the deficit above 3% of GDP for the foreseeable future.