"We can learn from Morocco's story, as economies around the world seek to build resilience, while seeking a transformational recovery that builds their potential for the future," Gopinath said at the high-level conference, organized at the initiative of Bank Al-Maghrib (BAM), in partnership with the IMF and the IMF Economic Review.
She also pointed out that at a time when the global economy was recovering from its worst moments because of the pandemic, the situation has been aggravated again by new shocks, causing the Russian-Ukrainian conflict. "We have lowered our global growth projections to 3.6% for both 2022 and 2023."
Inflation has also remained high and has spread beyond energy and food prices in many economies, Gopinath noted, adding that recent tight containment measures in China are weighing on growth and may cause further disruptions in global supply chains.
For the IMF's Managing Director, it is crucial to act immediately to address this situation, taking steps that will make a difference for the future, and that is the role of this conference to identify the main problems and seek appropriate responses.
For his part, the IMF Director of Studies, Pierre Olivier Gourinchas stressed that this conference aims to help better understand the world of tomorrow, and in so doing, help navigate the world of today, noting that it also marks the beginning of the common path towards the annual meetings of the IMF and BAM, which will be held in Marrakech next year.
He also noted that the economic environment is exceptionally challenging, saying that "these difficulties should not make us lose sight of the need to adapt our economies to the many structural transformations that are already underway and that will only intensify in the coming years.
"The difficulties we face today can also provide opportunities to adapt to the challenges of the future," he said, highlighting the need to seize these opportunities to build a greener world, a more robust economy, and a society where everyone will have every opportunity.
Furthermore, he said that Morocco has managed, during the pandemic, and in a very innovative way, to help more than 5 million workers in the informal sector, through the implementation of digital tools.
This successful approach demonstrates the leadership role that Morocco can play in implementing structural reforms that allow for more robust growth and the development of a more inclusive economy, he noted, recalling in this sense that the commitment of the IMF and BAM, in preparation for the Annual Meetings in Marrakech, underscores the growing importance of Morocco both for the region but also more globally.
The event brings together public sector leaders from central banks and finance ministries, senior officials from international organizations, and experts from academia, and focuses on the short- and medium-term challenges facing emerging and developing economies in the post-COVID-19 era, compounded by the effects of the war in Ukraine.