Morocco - Current economic position and prospects (Vol. 1 of 2) : Main report

Report No. 1021-MOR FILE OP Current Economic Position and Prospects of Morocco January 26, 1976 Country Programs Department II EMENA Region FOR OFFICIAL USE ONLY Document of the World Bank This document has a restricted distribution and may be used by recipients only in the performance of their official duties Its contents may not otherwise be disclosed without World Bank authorization.  CURRENCY EQUIVALENTS (Dirhams per US dollar) End of Period Period Period Average 1970 5.029 5.060 1971 4.760 5.060 1972 4.666 4.593 1973 4.290 4.095 1974 4.155 4.347 First quarter 1975 4.022 4.052 Second quarter 1975 3.865 3.910 Third quarter 1975 4.223 4.092 October 1975 4.104 4.140 Source: IMF, International Financial Statistics, December 1975.  FOR OFlFICIAL USE ONLY TABLE OF CONTENTS Page No. MAP BASIC DATA SUMKARY AND CONCLUSIONS ............................ i-vi INTRODUCTION ........... ............................ I I. RECENT ECONOMIC PERFORMANCE . 3 Overall Performance, 1973-74 . 3 Investment and Savings, 1973-74 ..... .......... 5 Main Sectoral Developments ..... ............... 7 Balance of Payments ....... .................... 9 External Debt and Debt Service ..... ........... 15 Public Finance ........ ........................ 15 Credit and Money Supply ...... ................. 19 Prices and Wages ........ ...................... 21 II. ECONOMIC AND FINANCIAL PROSPECTS ..... .............. 22 Revisions to the 1973-1977 Plan .... ........... 22 Evaluation .................................... 27 The EConomic and Financial Situation in 1975 28 Overall Prospects ............................. 30 Balance of Payments Prospects ............ 33 External Debt and Debt Service ..... ........... 35 Prospects for Domestic Financing .... .......... 37 Employment and Income Distribution .... ........ 38 ANNEX STATISTICAL APPENDIX This report was prepared by an economic mission which visited Morocco in April/May and December 1975. The mission comprised Messrs. Christian Merat (chief of mission), Christian Comeliau (general economist), Jacques Marinet (agronomist), Bernard Decaux (small industry specialist) and T. B. Russell (energy specialist). Special reports were issued sep- arately on the basis of sectoral contributions. This document has a restricted distribution and may be used by recipients only tn the performance of their official duties. Its contents may not otherwise be discklsed without World Bank authorization.   IBRD 10682R MALAGA DECEM4E'-IM -CADI . , . - ' / PA N - i - : ; *brolr Med ! i t'rrnean 5e; 'a Agenirs < I ; '"', TANGLE CEUTA(SEBTA) . GRA * MELILLA (Span) S,.-el AC'Ho,eimast Ersa- , , , , , .BoI- -b6s '. '- eohnoukn'~.---' o~Jo c tr t3idic Mehid -AAlZ / .l cei . Md'i ' ' Ben- - A"bN ' Sanel -O 90 QURf-LOUY - - - I 52 ~ ~ ~ ~ - _4. , , .A,,B.A/ L2Ceic''n 'aov 00 meter .ne!tirb boundariesxlres/o>lt / 1/ / C Esno o- Azemmou euaEtH T1ne