Speaking during the monthly session of oral questions devoted to “The centrality of the foreign trade sector in the development of the national economy”, Mr. Akhannouch underlined that the number of tourists who visited the Kingdom continued to increase to reach record levels, exceeding 14.5 million tourists in 2023, adding that at the end of September 2024, a total of 13.1 million tourists were recorded, an increase of 2 million compared to the same period of 2023 and 29% compared to the same period in 2019.
Regarding tourism revenue, Mr. Akhannouch noted that the recovery plan put in place by the government, from the first months of its inauguration with a view to emerging from the crisis, as well as the implementation of a new road map for the tourism sector, “have demonstrated their effectiveness”.
Also, he mentioned the contribution of Moroccans around the world to the increase in the Kingdom’s external income, specifying that, over the last three years, transfers from the Moroccan diaspora have reached record levels, exceeding all expectations. A total of 115 billion dirhams were transferred in 2023, compared to 110 billion dirhams in 2022, an increase of 4.1%.
In the wake of this positive trend, the Kingdom has also achieved unprecedented results in the service outsourcing sector, with an export volume reaching 18 billion dirhams in 2023, up 14% from to 2022, he argued, noting that these figures “placed Morocco second in Africa in this area”.
According to Mr. Akhannouch, the new digital strategy should boost offshoring activities, which will contribute to the improvement of exports of services, the surplus in the balance of services and the level of coverage of goods and services. services, noting that the balance of services generated a surplus amounting to 133 billion dirhams (billion dirhams) in 2023, compared to 116 billion dirhams in 2022, thanks to these performances.
Following these exceptional performances achieved by all productive and service sectors, the level of coverage of goods and services has considerably improved, going from 80.8% between January and September 2019, to a record rate of more than 82.9% over the same period during 2023 and 2024, thus marking its best level since 2003, observed the head of government.
Mr. Akhannouch recalled that Morocco marked a “historic achievement” during the year 2023, by reducing the current account deficit to a record level of 9 billion dirhams, or -0.6%, against a deficit of 43 MMDH (-3.4%) in 2019, noting that the current account deficit is currently at its lowest level since 2003.
The results of the government’s achievements in a complicated global situation have contributed significantly to the reduction of the budget deficit, affirmed the Head of Government, noting that thanks to the exceptional performance of the productive sectors, imports increased by more than 12%. at the end of 2023, which concretely reflects the impact of the structural reforms implemented by the Executive.
The positive results of government action and structural reforms have contributed to the improvement of Morocco’s sovereign debt rating and the “positive” outlook associated with said rating, he noted, reaffirming the determination of the government to work to strengthen these indicators and raise the sovereign rating of the Kingdom with various international institutions.
Interview Between the Time.news Editor and Mr. Akhannouch on Morocco’s Economic Resurgence
Time.news Editor: Thank you for joining us today, Mr. Akhannouch. The recent figures regarding Morocco’s tourism and economic growth are remarkable. Can you start by explaining what has contributed to the record levels of tourism you mentioned—14.5 million visitors in 2023?
Mr. Akhannouch: Thank you for having me. The increase in tourism can be attributed to several factors, including our government’s strategic recovery plan initiated after the pandemic, the diversification of our tourism offerings, and enhanced marketing efforts. We’ve been actively promoting Morocco as a vibrant and safe destination. Additionally, the commitment of Moroccans abroad, who often serve as ambassadors for our culture, has been vital in attracting more visitors.
Editor: That’s impressive! The statistics show not just an increase in the number of tourists but also in revenue. Could you elaborate on how these tourism revenues are impacting the national economy?
Mr. Akhannouch: Absolutely! The recovery plan has been in place since the early months of my administration, focusing on restoring and enhancing tourism infrastructure and services. This not only drives revenue directly from tourists but also creates jobs and stimulates local economies. A vibrant tourism sector contributes to the overall GDP and creates opportunities across various industries, from hospitality to crafts and transportation.
Editor: You also mentioned the significant contributions from the Moroccan diaspora, with record transfers reaching 115 billion dirhams this year. How does this diaspora influence not just economic metrics but also the cultural fabric of Morocco?
Mr. Akhannouch: The Moroccan diaspora is a vital asset to our economy. Their financial contributions—like the 4.1% increase from last year—represent their commitment to their homeland. These transfers bolster our economy and help sustain families, fueling consumption and investment in the local economy. Culturally, they play an essential role in maintaining our traditions and identity abroad, often bringing back ideas, investments, and a renewed sense of pride in Moroccan heritage.
Editor: Moving on to service outsourcing, it’s impressive to see Morocco achieving 18 billion dirhams in exports in this sector, marking a 14% increase. How do you see the digital strategy you mentioned fueling further growth in this area?
Mr. Akhannouch: Our new digital strategy is designed to enhance offshoring activities by leveraging technology for better efficiency and a more competitive edge. By investing in digital infrastructure and training, we aim to attract more international companies to establish their operations in Morocco. This will not only improve our exports of services but also increase job opportunities for our young population, thus sustaining economic growth.
Editor: What role do you envision Morocco playing in Africa’s economic landscape, especially with your claim of positioning Morocco second in the service outsourcing sector on the continent?
Mr. Akhannouch: Morocco aspires to be a key player in Africa’s economic development. Our strategic geographic location, coupled with political stability and a proactive government, positions us as a gateway for businesses looking to access African and European markets. We’re fostering partnerships and collaborations that enhance our capabilities, ensuring that Morocco remains a top choice for service outsourcing in Africa.
Editor: Thank you, Mr. Akhannouch, for your insights. It’s clear that Morocco is on a promising path towards economic resilience. What final message would you like to convey regarding the future of Morocco’s economy?
Mr. Akhannouch: I want to assure all Moroccans and our partners around the world that our government remains committed to fostering sustainable growth and ensuring that every sector contributes effectively to our national economy. We are confident in our potential and look forward to achieving even greater milestones together.
Editor: Thank you once again for your time, Mr. Akhannouch. We look forward to following Morocco’s journey in the coming years.