The impact of private and public investment on economic growth in Morocco: An empirical analysis

Résumé

This study examines the impact of employment, private and public investments on Morocco's GDP, highlighting the central role of employment and human capital in economic growth. The empirical analysis reveals that employment is a key indicator, with a strong and consistent positive correlation with GDP, underscoring its importance as a driver of economic growth. Private investment, often associated with improvements in productivity and innovation, is also a significant factor for GDP, while public investment, though beneficial for infrastructure and services, seems to have a less direct effect on immediate economic growth. Human capital,represented by the levels of education and skills within the workforce, shows a strong correlation with GDP, indicating that investment in education and skills development is crucial for long-term economic prosperity. The study observes exponential growth in Morocco's real GDP, particularly notable after the year 2000, a period marked by a revitalization of public investment and a surge in private investment. These changes are the result of significant political reforms and market liberalization, which together have contributed to a profound economic transformation. For policymakers, these findings highlight the importance of strategies aimed atpromoting employment and human capital development to ensure sustainable economic growth. They suggest the need to maintain a stable business climate and implement a more effective public investment strategy, oriented towards projects that can stimulate long-term economic growth. Furthermore, they confirm the crucial role of quality education and the alignment of skills with market needs, emphasizing the necessity of educational reforms to align training with labor market demands