PCNS: Recovery requires an appropriate macroeconomic framework including several components

Economic recovery in Morocco cannot be achieved without an appropriate macroeconomic framework which includes several components of financial, monetary and accounting orders, underlined, Friday, the economist and the Senior Fellow at the Policy Center for the New South (PCNS ) Larbi Jaidi.

Speaking in a webinar organized by the Institut de la Caisse de dépôt et de gestion (CDG) under the theme “How is the economic recovery shaping up?” », Larbi Jaidi indicated that the post-covid economic recovery requires an appropriate macroeconomic framework which takes into consideration several components.

This is, argued the economist, the financial, monetary and accounting components, noting that we should also think about the repercussions of this recovery strategy, in particular on the balance of payments and the external balance.

Faced with an uncertain environment, growth is likely to be relatively slow if a number of reforms are not taken into account, he said, believing that it is not enough to have structural reforms, but it would be necessary transform this will into an act, social, economic and financial. In this regard, Larbi Jaidi insisted on the importance of adopting an integrated reform approach likely to guarantee the implementation of reforms within a manageable timeframe and the management of resources in an efficient manner, highlighting the need to reflect on strategic planning and monitoring mechanisms, in addition to the establishment of a social dialogue strategy, so that the recovery strategy is appropriate by all stakeholders.

Referring to the measures taken by the Moroccan state to face the crisis, the economist praised the actions carried out to support households and businesses, noting that these measures have allowed, alongside the return of rainfall, to l Moroccan economy to resist the shock.

To ensure the continuity of this performance, Larbi Jaidi indicated that it is essential to have a budgetary policy making it possible to expand the ordinary resources of the State, to move towards innovative forms of financing, and to ensure complementarity between public and private investments. For his part, the director of operations for the Maghreb and Malta at the World Bank, Jesko Hentschel, affirmed that the world is facing a major health crisis which has caused uncertainty at all levels, hence the need to rethink the organization. of the world economy.

Jesko Hentschel further noted that the crisis was also an opportunity to innovate and seek new value chains and new trade flows, adding that it has above all rebounded the role of the State in the economy. , through support to the various economic players, in particular small and medium-sized enterprises (SMEs). A sustainable economic recovery cannot be achieved without investing in human capital, as a key factor for the development of any economy, he said, also referring to the role of innovation and the participation of women. in the labor market in economic growth.

Regarding the measures taken by Morocco against the crisis, the director of operations praised the efforts made to create jobs and reduce inequalities, noting that the important work of generalizing social protection for the poorest categories. more vulnerable will enable households to resist the crisis more. For his part, the territory managing partner of the PWC cabinet in Morocco Reda Loumany stressed that the recovery model of tomorrow will have to recreate this bond of trust between citizens and public authorities, and will have to place people at the center of any strategy. Reda Loumany also indicated that the pandemic constituted an unprecedented economic and financial shock, which gave rise to new modes of management of Moroccan companies, noting that the economic fabric, in full transformation, should consider this crisis as a opportunity for a real sustainable transition.

He also returned to the ESG issues (environmental, social and governance criteria) for Moroccan companies, these criteria which generally constitute the three pillars of extra-financial analysis. It is imperative that companies rethink their ESG commitments, he said, affirming that the ESG criteria constitute a lever to mobilize faster and more sustainable financing, and thanks to the ESG criteria, we can assess the exercise of the responsibility of companies vis-à-vis the environment and their stakeholders (employees, partners, subcontractors and customers), the CDG Institute is a laboratory of ideas and a space for reflection and debate around issues which animate the national economic and social sphere.



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