Benkejjane, Nou eddine; Mha chan, Sa aa; Oudgou, Mohamed; Boudha ,
Abdeslam
A icle
The impac o ax p essu e on long- e m economic g ow h
in Mo occo
Economies
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Sugges ed Ci a ion: Benkejjane, Nou eddine; Mha chan, Sa aa; Oudgou, Mohamed; Boudha ,
Abdeslam (2024) : The impac o ax p essu e on long- e m economic g ow h in Mo occo,
Economies, ISSN 2227-7099, MDPI, Basel, Vol. 12, Iss. 8, pp. 1-18,
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Ci a ion: Benkejjane, Nou eddine,
Sa aa Mha chan, Mohamed Oudgou,
and Abdeslam Boudha . 2024. The
Impac o Tax P essu e on Long-Te m
Economic G ow h in Mo occo.
Economies 12: 201. h ps://doi.o g/
10.3390/economies12080201
Academic Edi o : Alessand o
Pie gallini
Recei ed: 15 May 2024
Re ised: 15 July 2024
Accep ed: 24 July 2024
Published: 6 Augus 2024
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economies
A icle
The Impac o Tax P essu e on Long-Te m Economic G ow h
in Mo occo
Nou eddine Benkejjane 1,* , Sa aa Mha chan 2, Mohamed Oudgou 1and Abdeslam Boudha 1
1Resea ch in Economics and Managemen o O ganiza ions Labo a o y (LAREMO), Na ional School o
Business and Managemen , Sul an Moulay Slimane Uni e si y, Beni Mellal 23000, Mo occo;
[email p o ec ed] (M.O.); [email p o ec ed] (A.B.)
2Economic and Managemen Sciences S udies and Resea ch Labo a o y (LERSEG), Polydisciplina y Facul y,
Sul an Moulay Slimane Uni e si y, Beni Mellal 23000, Mo occo; [email p o ec ed]
*Co espondence: benkejjane.nou [email p o ec ed]
Abs ac : Despi e he ax e o m in he 1980s, he Mo occan ax sys em s ill su e s om s uc u al
ulne abili ies ha ha e led o ine icien ax policies and inc easing sec o al dispa i ies, which ha e
led o an inc ease in he ax p essu e a es be ween 1990 and 2020. To o e come hese ulne abili ies,
and acco ding o he ecommenda ions o he 2019 Na ional Tax Con e ence, he Mo occan ax
sys em has been ecen ly es uc u ed, wi h he aim o s eng hening he p inciples o equi y and
ax e iciency. The main objec i e o his pape is o de e mine he impac o he ax p essu e on
long- e m economic g ow h in Mo occo om 1990 o 2020. To do so, he me hodology adop ed in his
wo k consis s o e i ying he e ec o he ax p essu e on economic g ow h h ough a quan i a i e
me hodology based on wo ec o au o eg ession app oaches: he ec o au o eg ession model (VAR)
and he ec o e o co ec ion model (VECM). The esul s o his s udy con i m ha he e ec o
iscal p essu e on economic g ow h in Mo occo is no signi ican in he long un, and he e o e, we
can deduce ha axa ion is no ye a well-mas e ed ins umen o he s a e o ac on he economic
sphe e. The esul s show a complex ela ionship be ween ax p essu es and economic g ow h in
Mo occo, unde lining he impo ance o ax e o m. Howe e , he esea ch is limi ed by he speci ic
models and he need o explo e o he de e minan s. The con ibu ion o his pape lies in i s in-dep h
empi ical analysis o iscal p essu e and i s in luence on long- e m economic g ow h in Mo occo,
as based on VAR and VECM modeling. This econome ic app oach makes i possible o isola e he
dynamic e ec s and esponses o economic a iables o e ime, o e ing an unde s anding o he
in e ac ions be ween ax policy and long- e m economic g ow h. By ocusing speci ically on he
Mo occan con ex , his s udy o e s an o iginal pe spec i e and helps o ill he gap in he empi ical
esea ch in his a ea while p o iding a aluable analy ical amewo k o assessing iscal policies and
hei impac on long- e m economic g ow h.
Keywo ds: ax p essu e; economic g ow h; Engel and G ange app oach; VAR modeling
1. In oduc ion
Zagle and Dü necke (2003) s a e ha ax policy plays a key ole in shaping a coun y’s
economic g ow h. Decisions abou go e nmen spending and e enues ha e a di ec
impac on he pace o g ow h. Expansiona y iscal policies, such as ax cu s o inc eases
in public spending, can s imula e agg ega e demand and boos ing g ow h, especially
du ing a ecession. Con e sely, es ic i e iscal policies can con ol in la ion and s abilize
he economy in pe iods o o e hea ing. A well-designed ax policy also helps o educe
social and e i o ial inequali ies, c ea ing an en i onmen conduci e o mo e inclusi e
and sus ainable economic g ow h. Unde s anding he in luence o ax policy on economic
g ow h p o ides decision-make s wi h he ools hey need o design e ec i e economic
policies ailo ed o he speci ic needs o hei coun y.
Economies 2024,12, 201. h ps://doi.o g/10.3390/economies12080201 h ps://www.mdpi.com/jou nal/economies
Economies 2024,12, 201 2 o 18
In his ega d, an examina ion o he objec i es o ax policy p omp s us o ques ion he
deg ee o in luence exe ed by he ax pa ame e on he achie emen o economic g ow h.
Consequen ly, his places us in a posi ion o assess he le el o ax p essu e equi ed by he
s a e o achie e he objec i es o op imal long- e m economic g ow h.
In esponse o Mo occo’s public inance c isis du ing he 1980s, he go e nmen
unde ook a iscal policy e o m unde he S uc u al Adjus men Plan (SAP). The aim
was o es ablish a mode n, cohe en and e icien iscal and economic policy ha would
p o ide su icien inancial esou ces o o e come he challenges posed by he c isis. The
main ocus o his e o m, h ough F amewo k Law No. 3.83 on ax e o m, was o eplace
cedulas wi h syn he ic axes, he eby inc easing he numbe o axpaye s and ax e enues,
b oadening he ax base, and minimizing he ax p essu e.
Despi e he implemen a ion o his ax e o m, he Mo occan ax sys em s ill su e s
om s uc u al ulne abili ies ha ha e led o ine icien ax policies and inc eased sec o al
dispa i ies, esul ing in highe a es o ax p essu e be ween 1990 and 2020. To o e come
hese ulne abili ies, in line wi h he ecommenda ions o he 2019 Na ional Tax Con e ence,
he Mo occan ax sys em was es uc u ed h ough F amewo k Law No. 69.19 on Tax
Re o m Fiscal (2021), aiming o ein o ce he p inciples o ai ness and ax e iciency.
The homogeneous, s able and ch onically une en dis ibu ion o ax p essu e le els in
Mo occo con i ms ha he Mo occan ax sys em is hea ily elian on consume s and wage
ea ne s, leading o a educ ion in labo income in a o o capi al, squeezing consump ion
and domes ic demand.
Based on s udies al eady ca ied ou in Mo occo, such as he wo k o A i i and
Ramdaoui (2019) on he ela ionship be ween ax p essu e in Mo occo and economic
g ow h by es ima ing he Scully model, Salhi and Echaoui (2020) ha e de eloped a s udy
o model he op imal ax a e in Mo occo o e he pe iod 1985–2019, and Belahouaoui
and A ak (2022) analyzed he ela ionship be ween ax p essu e and axpaye compliance
h ough a e iew o he heo e ical li e a u e. I becomes e iden ha he e is a dea h o
s udies on ax p essu e and i s impac on he long- un economic g ow h in Mo occo. In
his sense, he con ibu ion o his a icle lies in i s in-dep h empi ical analysis o iscal
p essu e and i s in luence on long- e m economic g ow h in Mo occo, as based on VAR
and VECM modeling. This econome ic app oach makes i possible o isola e he dynamic
e ec s and esponses o economic a iables o e ime, o e ing an unde s anding o he
in e ac ions be ween ax policy and long- e m economic g ow h. By ocusing speci ically
on he Mo occan con ex , his s udy o e s an o iginal pe spec i e and helps o ill he gap
in he empi ical esea ch in his a ea while p o iding a aluable analy ical amewo k o
assessing iscal policies and hei impac on long- e m economic g ow h.
The aim o his a icle is o de e mine he impac o ax p essu e on long- e m economic
g ow h in Mo occo. The p oblem posed in his a icle is o answe he ollowing ques ion:
wha is he impac o ax p essu e on long- e m economic g ow h in Mo occo?
The me hodology adop ed in his wo k consis s o e i ying he e ec o ax p essu e
on economic g ow h using a quan i a i e me hodology based on wo ec o au o eg es-
sion app oaches: he ec o au o eg ession model (VAR) and he ec o e o co ec ion
model (VECM).
This a icle will be subdi ided in o ou pa s: he i s deals wi h a e iew o he
heo e ical li e a u e; he second is de o ed o he p esen a ion o s ylized ac s ela ed o
he e olu ion o ax p essu e a es in Mo occo; he me hodology o he wo k is p esen ed in
he hi d pa ; and he las pa is de o ed o he esul s and discussion.
2. Li e a u e Re iew
2.1. Taxa ion and Economic G ow h
I is impo an o no e ha axa ion canno be seen as a uni e sal solu ion o all
economic p oblems and ha i needs o be designed and used s a egically o maximize
i s impac on g ow h. Fu he mo e, i is essen ial o conside he long- e m economic and
Economies 2024,12, 201 3 o 18
social consequences o axa ion, as a ax ha may appea bene icial in he sho e m may
ha e nega i e e ec s in he long e m.
Keynes (1936) ad oca ed he ole o go e nmen in e en ion h ough iscal policy
in in luencing economic ac i i y. He also suppo ed he ideology ha agg ega e demand
s imula es an economy’s le el o p oduc ion. Acco ding o Keynesian heo y, axa ion
in luences he le el o disposable income and agg ega e demand, he eby a ec ing he
quan i y o p oduc ion.
Solow (1956) has called in o ques ion he Ha od–Doma model o economic g ow h.
This model concludes ha he economy is in an uns able long- e m g ow h equilib ium
based on key pa ame e s such as he sa ings a e, he capi al–ou pu a io and he a e
o inc ease in he wo king popula ion. Howe e , Solow showed ha his conclusion was
la gely based on he undamen al assump ion ha p oduc ion akes place unde condi ions
o ixed p opo ions. By abandoning his assump ion, he concep o uns able equilib ium
seems o lose i s ele ance. I is he e o e essen ial o examine ax s uc u es ca e ully so
as o minimize he nega i e impac o axes on economic g ow h while p ese ing budge
e enues.
The exogenous g ow h model unde lines he isks o excessi e axa ion, no ing i s
nega i e impac s on in es men , inno a ion and economic ac i i y, while accen ua ing he
complexi y o he ela ionship be ween axa ion and ex e nal g ow h.
In sho , axa ion can ha e a signi ican impac on exogenous economic g ow h, bu i
is impo an o conside he complexi y o his ela ionship and o design axa ion adap ed
o he economic and social ci cums ances o each coun y.
In he 1980s, wi h he ad en o neo-libe alism, he classical ision o axa ion e u ned
wi h a engeance, wi h educed axa ion and inc eased p i a iza ion o public se ices.
This app oach was c i icized o i s impac on social inequali y and i s lack o suppo o
long- e m g ow h.
Rome (1990) explo ed he concep o endogenous economic g ow h. This model
emphases he essen ial ole o human capi al and in en ional in es men in esea ch and
de elopmen in s imula ing economic g ow h. Thus, he ela ionship be ween economic
g ow h and axa ion is complex, as ax policies can in luence hese in es men decisions
and, consequen ly, long- e m g ow h.
The endogenous model accen ua es he impac o co up ion on he ideal axa ion
le el by p edic ing an in e ed U-shaped ela ionship be ween axes and g ow h. These
iewpoin s come oge he o emphasize he signi icance o ca e ully conside ed axa ion
ha can suppo wise public in es men . They also emphasize how equi able axa ion has
he powe o lessen inequali y, enhancing social cohesi eness and p omo ing sus ained
economic expansion. To pu i b ie ly, hese models highligh he necessi y o a jus ax
sys em in o de o suppo long- e m economic g ow h.
The model o Ba o e al. (1990) on g ow h and axa ion is an economic heo y ha
sugges s ha high le els o axa ion can educe long- e m economic g ow h by discou aging
in es men and capi al accumula ion. Acco ding o his model, go e nmen s should
seek o main ain a balance be ween public spending and ax e enues o maximize long-
e m economic g ow h. Howe e , his model is c i icized o ailing o ake in o accoun
ac o s such as ex e nali ies and inequali ies, which can ha e a signi ican impac on he
e ec i eness o ax policy.
Endogenous g ow h economis s ha e shown ha axa ion can in luence economic
g ow h by a ec ing human capi al accumula ion, inno a ion, esea ch, de elopmen and
in as uc u e in es men . Tax policies ha a o hese ac o s can s imula e economic
g ow h in he long e m, while inadequa e ax policies can slow i down. Howe e , he
ex en o he impac o axa ion on economic g ow h depends on many o he economic and
ins i u ional ac o s, and economis s do no all ag ee on he na u e and impo ance o hese
e ec s.
In ecen decades, he ela ionship be ween axa ion and economic g ow h has been
s udied in g ea e dep h, and i has become clea ha he issue is complex and ha he e
Economies 2024,12, 201 4 o 18
a e no simple answe s. Economis s ha e s essed he impo ance o designing and imple-
men ing ax policies ha suppo long- e m economic g ow h while p ese ing equi y and
mac oeconomic s abili y.
Engen and Skinne (1996) ha e esea ched he link be ween axa ion and economic
g ow h. Thei main conclusion is ha axa ion can ha e a signi ican impac on economic
g ow h bu ha his impac depends on he ype o ax and how ax e enues a e used.
They ound ha axes on labo and capi al can educe in es men and employmen , which
can ha e a nega i e e ec on economic g ow h. Con e sely, axes on consump ion and
p ope y ha e less o a nega i e e ec on g ow h. Engen and Skinne also ound ha he
way ax e enues a e used can ha e a signi ican impac on economic g ow h. Fo example,
i ax e enues a e used o inance ine icien public-spending p og ams, his can slow
economic g ow h. On he o he hand, i ax e enues a e used o inance in es men in
educa ion, in as uc u e o esea ch, his can s imula e economic g ow h.
In summa y, acco ding o Engen and Skinne (1996), a well-designed ax policy can
p omo e economic g ow h by a oiding axes on labo and capi al, making judicious use o
ax e enues and educing ine icien public spending.
In his empi ical analysis o he ela ionship be ween ax p essu e and economic
g ow h, Scully (2000) has conduc ed s udies sugges ing ha high le els o ax p essu e
ha e a nega i e e ec on economic g ow h. His esea ch examines he ela ionship be ween
axa ion, economic g ow h and income inequali y. He explo es he op imal ax policy ha
can p omo e economic g ow h while educing income inequali y. The au ho a gues ha
he ax sys em can ha e bo h posi i e and nega i e e ec s on economic g ow h and income
inequali y. While axa ion can be used o inance public p og ams and se ices, i can also
discou age wo k and in es men , which can hinde economic g ow h.
Acco ding o Scully (2003), op imal ax policy mus balance he need o e enue wi h
he need o p omo e economic g ow h and educe income inequali y. He sugges s ha
a p og essi e ax sys em, which axes highe incomes a a highe a e, can help educe
income inequali y wi hou signi ican ly ha ming economic g ow h.
Howe e , he esea ch also indica es ha ax policies need o be ca e ully designed
o a oid unin ended consequences, such as educing incen i es o wo k o c ea ing ax
loopholes o he weal hy.
O e all, Scully’s model highligh s he complex ela ionship be ween axa ion, eco-
nomic g ow h and income inequali y, and i sugges s ha op imal ax policy equi es ca e ul
conside a ion o hese ac o s.
Lee and Go don (2005) show ha co po a e ax a es a e signi ican ly nega i ely
co ela ed wi h di e ences in economic g ow h a es be ween coun ies, e en a e con ol-
ling o o he de e minan s o g ow h. In addi ion, ixed-e ec s eg essions con i m ha
inc eases in co po a e ax a es lead o lowe u u e g ow h a es wi hin coun ies.
A nold (2008) sugges s ha he composi ion o axes has a signi ican e ec on eco-
nomic g ow h. Mo e speci ically, p ope y axes, pa icula ly ecu ing axes on eal es a e,
appea o be he mos g ow h- iendly, ollowed by consump ion axes and hen pe sonal
income axes. By con as , axes on co po a e p o i s ha e he mos nega i e e ec on he
GDP pe capi a. These indings sugges ha a g ow h-o ien ed ax e o m should a o
p ope y and consump ion axes o e income axes, pa icula ly co po a e axes.
The ela ionship be ween axa ion and economic g ow h is a complex and mul idi-
mensional a ea. Tax policies, such as ax a es, he s uc u e o axes and hei impac on
incen i es o wo k, in es and consume play an impo an ole. S udies show ha p ope y
and consump ion axes p omo e economic g ow h, while axes on co po a e p o i s ha e a
nega i e e ec on he GDP pe capi a.
Edame and Okoi (2014) show ha axa ion has an in e se ela ionship wi h in es men :
a one pe cen age poin inc ease in co po a e income ax leads o a dec ease in he le el
o in es men in Nige ia. Fu he mo e, axa ion is posi i ely ela ed o public spending.
These indings unde line he impo ance o balanced ax e o m in os e ing economic
g ow h and de elopmen .
Economies 2024,12, 201 5 o 18
Takumah and Njindan Iyke (2015) posi ha he heo e ical unde pinnings o axa ion
and economic g ow h sugges nega i e and posi i e co ela ions be ween hese wo a i-
ables. The nega i e co ela ion is due o he dis o ions and supp ession inhe en in axes,
while he posi i e co ela ion is indi ec ly due o ax- inanced spending.
Alinaghi and Reed (2021) s a e ha he ela ionship be ween axa ion and economic
g ow h is complex and a ied. While high axes can educe incen i es o wo k, in es
and consume, hey can also und public goods and se ices ha encou age economic
de elopmen and ci izen well-being. To p omo e sus ainable g ow h, i is essen ial o
design he ax sys em as u ely so as o minimize he nega i e impac o axa ion on g ow h
while p ese ing ax e enues.
To conclude his sec ion, axa ion, as a ool o inancing public spending, plays an
essen ial ole in economic de elopmen . Theo e ical models emphasize he po en ial impac
o axes on in es men , inno a ion and long- e m g ow h. Howe e , he empi ical eali y is
mo e complex, as i depends on he composi ion o axes, hei use and he speci ic con ex
o each coun y. E ec i e ax e o m, suppo ed by sound public policies, is essen ial o
p omo e long- e m economic g ow h. Mo eo e , he ela ionship be ween ax p essu e and
economic g ow h is complex and can a y acco ding o economic condi ions, he s uc u e
o he economy and he quali y o public spending. I is he e o e impo an o conside he
po en ial e ec s on g ow h when designing ax policies.
2.2. The Theo e ical and Empi ical Rela ionship be ween Economic G ow h and Tax P essu e
The ela ionship be ween ax p essu e and economic g ow h is a con o e sial opic
in economics. On he one hand, high ax p essu e can dampen economic g ow h by
educing he a ailabili y o capi al o p oduc i e in es men and discou aging companies
and indi iduals om ea ning and in es ing. On he o he hand, lowe ax p essu e can
s imula e g ow h by encou aging in es men and consump ion.
The La e (1981) cu e was modeled in 1974 by supply-side heo is A hu La e and
e lec s he libe al concep ion o edis ibu ion as ine icien since i educes he incen i e o
wo k and in es . This disincen i e can be explained by he ole o compulso y deduc ions,
he La e cu e also shows he nega i e e ec o a high a e o compulso y deduc ions. I
is an old idea, as Smi h (1776) s a es, “ axa ion can hinde indus y in he sense o labo ”.
Fo his heo y, Adam Smi h and Jean Bap is e Say ha e al eady spoken on he basic
p emise o Ibn Khaldun’s w i ings, based on his idea ha “ oo much ax kills ax. Adam
Smi h and Jean Bap is e Say said ha “an exagge a ed ax des oys he base on which i is
le ied, and ha a educ ion o he ax inc eases he e enue o he S a e, so ha go e nmen s
can be su e ha i is be e o be mode a e”.
La e hen highligh s a ela ionship be ween wo a iables, he i s being ax e enues,
and he second being he ax a e, i.e., he sha e o axes o compulso y ax deduc ions in
na ional weal h; in o he wo ds, he sha e o weal h deduc ed by he s a e in he b oad sense.
The cu e shown in Figu e 1illus a es he ela ionship be ween he ax a e and
ax e enue. On he e ical axis (o dina e) is he ax e enue, while he ho izon al axis
(abscissa) ep esen s he ax a e. Ini ially, a low ax a e, ep esen ed by poin A on
he cu e, is associa ed wi h limi ed ax e enue. As he ax a e inc eases, ax e enue
con inues o ise un il i eaches he op imal ax a e, ma ked by poin E on he cu e.
Beyond poin E, any u he inc ease in he ax a e esul s in a dec ease in ax e enue.
The e o e, he same amoun o ax e enue can be achie ed a di e en le els o he ax
a e. This ela ionship is explained by he ollowing igu e:
I seems logical ha i he ax a e is limi ed, he amoun o ax e enue will be limi ed,
so inc easing he ax a e esul s in an inc ease in ax e enue, bu he close you ge o
he op imum ax a e, he mo e limi ed he inc ease in ax e enue. On he o he hand,
beyond his op imum a e, inc easing he ax a e esul s in a d op in he ax e enue, wi h
p ohibi i e a es and pe e se e ec s.
Economies 2024,12, 201 6 o 18
Economies 2024, 12, x FOR PEER REVIEW 6 o 19
Figu e 1. Rela ionship be ween Tax Ra e and Tax Re enue. Sou ce: Wanniski (1978).
I seems logical ha i he ax a e is limi ed, he amoun o ax e enue will be lim-
i ed, so inc easing he ax a e esul s in an inc ease in ax e enue, bu he close you ge
o he op imum ax a e, he mo e limi ed he inc ease in ax e enue. On he o he hand,
beyond his op imum a e, inc easing he ax a e esul s in a d op in he ax e enue, wi h
p ohibi i e a es and pe e se effec s.
Fi s ly, households ha e less incen i e o wo k and make an effo , so hey a e con-
inced ha pa o he weal h hey ha e c ea ed is being aken away by he s a e. This can
lead some households o immig a e o coun ies wi h lowe axes ( ax ha ens), which is
known as ax e asion. Secondly, en ep eneu s will mo e ab oad in sea ch o mo e lenien
axa ion ( ax exi s). The combina ion o hese wo ac o s will lead o a educ ion in weal h
and, he e o e, ha e a nega i e impac on economic g ow h, i no cause a educ ion in
economic g ow h.
The conclusion ha can be d awn om his heo e ical pa is ha ax p essu e has a
conside able impac on economic g ow h, bu wha is he impac o economic g ow h on
ax p essu e? A numbe o empi ical s udies o he ela ionship be ween iscal p essu e
and long- e m economic g ow h ha e subsequen ly been ca ied ou . The esul s ob ained
diffe om coun y o coun y, depending on he a iables used and he me hodology
employed o model his ela ionship.
Van Hee den and Schoeman (2008) assessed he op imal size o go e nmen in e ms
o e enue and expendi u e o Sou h A ica in o de o maximize economic g ow h, using
ime-se ies da a o he pe iod 1960 o 2006. Van Hee den and Schoeman (2008) showed
in hei s udy ha Sou h A ica’s a e age ax p essu e may be on he downwa d side o
he Laffe cu e. Consequen ly, he ax p essu e has a nega i e impac on economic
g ow h.
Keho (2010) es ima ed he op imal ax p essu e o he I o ian economy using bo h
he Scully and quad a ic eg ession models using ime-se ies da a be ween 1960 and 2006.
The esul s a e no consis en wi h he p oposi ion ha highe ax a es a e de imen al o
g ow h.
Takumah and Njindan Iyke (2015) explo ed he causal in luence o ax e enues on
economic g ow h in Ghana o e he pe iod 1986–2014. The esul s o his esea ch p o-
ided s ong e idence o a unidi ec ional causal low o ax e enues o economic g ow h
in Ghana. These esul s a e in line wi h exis ing indings ha axa ion can in luence eco-
nomic g ow h. The policy implica ion is qui e clea .
Figu e 1. Rela ionship be ween Tax Ra e and Tax Re enue. Sou ce: Wanniski (1978). T* ep esen s he
op imal ax a e ha maximizes ax e enue. When he ax a e is below T*, an inc ease in his a e
leads o highe ax e enues. Howe e , beyond T*, ax e enues begin o dec ease because highe
a es may discou age economic ac i i y and educe he ax base. Poin E, on he o he hand, is he
poin o de ia ion on he La e cu e whe e ax e enues s a o decline as he ax a e exceeds T*.
Fi s ly, households ha e less incen i e o wo k and make an e o , so hey a e con-
inced ha pa o he weal h hey ha e c ea ed is being aken away by he s a e. This can
lead some households o immig a e o coun ies wi h lowe axes ( ax ha ens), which is
known as ax e asion. Secondly, en ep eneu s will mo e ab oad in sea ch o mo e lenien
axa ion ( ax exi s). The combina ion o hese wo ac o s will lead o a educ ion in weal h
and, he e o e, ha e a nega i e impac on economic g ow h, i no cause a educ ion in
economic g ow h.
The conclusion ha can be d awn om his heo e ical pa is ha ax p essu e has a
conside able impac on economic g ow h, bu wha is he impac o economic g ow h on
ax p essu e? A numbe o empi ical s udies o he ela ionship be ween iscal p essu e and
long- e m economic g ow h ha e subsequen ly been ca ied ou . The esul s ob ained di e
om coun y o coun y, depending on he a iables used and he me hodology employed
o model his ela ionship.
Van Hee den and Schoeman (2008) assessed he op imal size o go e nmen in e ms
o e enue and expendi u e o Sou h A ica in o de o maximize economic g ow h, using
ime-se ies da a o he pe iod 1960 o 2006. Van Hee den and Schoeman (2008) showed in
hei s udy ha Sou h A ica’s a e age ax p essu e may be on he downwa d side o he
La e cu e. Consequen ly, he ax p essu e has a nega i e impac on economic g ow h.
Keho (2010) es ima ed he op imal ax p essu e o he I o ian economy using bo h
he Scully and quad a ic eg ession models using ime-se ies da a be ween 1960 and 2006.
The esul s a e no consis en wi h he p oposi ion ha highe ax a es a e de imen al
o g ow h.
Takumah and Njindan Iyke (2015) explo ed he causal in luence o ax e enues on
economic g ow h in Ghana o e he pe iod 1986–2014. The esul s o his esea ch p o ided
s ong e idence o a unidi ec ional causal low o ax e enues o economic g ow h in
Ghana. These esul s a e in line wi h exis ing indings ha axa ion can in luence economic
g ow h. The policy implica ion is qui e clea .
Economies 2024,12, 201 7 o 18
Saibu (2015) es ima ed he op imal ax a es o Sou h A ica using qua e ly da a o
he pe iod 1994–2016, employing an ARDL bounds es ing app oach. The esul s e ealed
ha he e is no signi ican ela ionship be ween axa ion and economic g ow h o e he
pe iod s udied.
Chok i e al. (2018) ha e a emp ed o s udy he ela ionship be ween he le el o ax
p essu e and he g ow h a e o he Tunisian case wi h he es ima ion o he op imal ax
a e be ween 1966 and 2015. The me hodology adop ed in his s udy consis s o wo s ages.
In he i s s age, he op imal ax a e is de e mined using Scully’s s a ic model and he
quad a ic model. The second s age ocuses on he long- e m ela ionship. This esea ch is
based on he esul s o he uni oo and coin eg a ion es s on he Scully model. The esul s
o he s udy suppo he idea ha axes educe g ow h beyond a ce ain h eshold. The
basic model yielded an op imal ax a e equal o 19.6% o he GDP. The use o ime-se ies
coin eg a ion echniques enabled a long- e m analysis o be ca ied ou , yielding an op imal
ax a e o 14% o he GDP. The cu en ax a es a e well abo e hese le els, which explains
he disappoin ing pe o mance in e ms o g ow h and axa ion.
Koa sa e al. (2021), in hei wo k, ied o de e mine whe he ax p essu e has an
impac on he economic g ow h a e in he Leso ho con ex and o es ima e an op imal
ax p essu e o e he pe iod 1988–2017. The ARDL bounds es amewo k was used o
es ablish coin eg a ion and de e mine whe he he e is a long- e m ela ionship be ween ax
p essu e and economic g ow h. The esul s es ablished a coin eg a ion ela ionship be ween
economic g ow h a e and iscal p essu e, wi h unidi ec ional causali y unning om
economic g ow h o iscal p essu e. G ange causali y e ealed no causal e ec be ween
iscal p essu e and economic g ow h in Leso ho. The esul s show ha ax policy has had no
signi ican in luence on economic ac i i y in Leso ho o e he pe iod s udied. Howe e , he
esul s o he e o co ec ion model indica e a long- e m ela ionship be ween he economic
g ow h a e and ax p essu e in Leso ho, wi h a long- e m equilib ium adjus men speed o
100% ollowing a sho - e m shock.
Based on hese s udies, we can see ha he e is s ill no consensus on he ela ionship
be ween ax p essu e and economic g ow h.
An ini ial se ies o s udies by Van Hee den and Schoeman (2008) in Sou h A ica and
Keho (2010) in Cô e d’I oi e ound ha ax p essu e has a nega i e impac on economic
g ow h, while a second se ies o s udies by Takumah and Njindan Iyke (2015) in Ghana
ound ha axa ion can in luence economic g ow h, and a hi d s udy by Saibu (2015) in
Sou h A ica con i med he indings o Van Hee den and Schoeman (2008) and showed ha
he e is no signi ican ela ionship be ween ax p essu e and economic g ow h. Chok i e al.
(2018) ound ha in Tunisia, an inc ease in ax a es explains a disappoin ing pe o mance
in e ms o axa ion and economic g ow h. The la es se ies o s udies by Koa sa e al. (2021)
in Leso ho showed ha in he sho - e m, ax p essu e does no in luence economic g ow h,
bu on he basis o he e o co ec ion model, he e is a long- e m ela ionship be ween ax
p essu e and economic g ow h.
This las s udy is like he objec i e o his empi ical wo k, which is o s udy he impac
o iscal p essu e on long- e m economic g ow h in Mo occo.
Assump ions:
H0. Tax p essu e has an impac on long- e m economic g ow h.
2.3. Tax P essu e and Economic G ow h in Mo occo
The Mo occan go e nmen ’s ax e enues come om a numbe o axes. Howe e , he
s uc u e o his e enue shows ha Value Added Tax (VAT), Income Tax (IC), Co po a ion
Tax (CT), Regis a ions and S amps and In e nal Consump ion Tax (ICT) a e he main
sou ces o ax e enue o he s a e (Figu e 2).
Economies 2024,12, 201 8 o 18
Economies 2024, 12, x FOR PEER REVIEW 8 o 19
Figu e 2. B eakdown o ax e enues in Mo occo by he ype o ax be ween 2000 and 2020. Sou ce:
The T easu y and Ex e nal Finance Depa men o he Mo occan Minis y o he Economy and Fi-
nance. Re enue excluding VAT om local au ho i ies, as men ioned by (Oma and Aya 2021).
Acco ding o Figu e 2, VAT, CT, IT and egis a ion ees a e he main ax e enues in
he s uc u e o s a e ax e enues, wi h an a e age o 26.53% o VAT e enues, 22.1% o
CT, 19.9% o IT and 14.77% o egis a ion and s amps be ween 2000 and 2020.
Du ing he pe iod 1990–2020, he ax p essu e and he g ow h a e o he eal GDP as
an annual pe cen age in Mo occo ha e unde gone p o ound changes acco ding o da a
collec ed om he In e na ional Mone a y Fund, as shown in he ollowing g aph:
Du ing he pe iod 1990–2000, Mo occo unde ook a se ies o poli ical, social, inancial
and economic e o ms, as well as implemen ing he F amewo k Law on axa ion and e-
o ming he na ional ax sys em h ough he Finance Ac s du ing his pe iod, wi h he aim
o ca ching up on accumula ed delays in economic and social de elopmen . Acco ding o
Figu es 3 and 4, ax p essu e in Mo occo unde wen a ious changes o e he pe iod
1990–2000, dec easing by 0.48% om 21.26% in 1990 o 20.78% in 2000, i.e., an a e age ax
p essu e o 20.15% be ween 1990 and 2000, wi h an economic g ow h a e o 3.15% o e
he same pe iod.
22.50% 17.90% 20.60% 17.40% 6.40%
13.40%
2.00%
28.50%
28.60% 24.60% 18.90% 13.10%
7.30%
6.10%
1.50%
23.80%
28.00% 22.70% 20.70% 13.80% 8.40%
4.80%
1.60%
20.20%
28.30% 25.00% 20% 13.60% 7.40%
4.30%
1.40%
13.80%
29.00% 23.70% 20.20% 13.50% 7.20%
4.60%
1.70%
7.40%
29.00% 23.10% 19.90% 14.10% 7.10% 4.60% 2.30%
4.60%
MEAN
2000-07
MEAN
2008-15
2016 2017 2018 2019 2020 MEAN
2016-20
VAT CT IT ICT Reagis a ions and s amps Cus oms du ies
Figu e 2. B eakdown o ax e enues in Mo occo by he ype o ax be ween 2000 and 2020. Sou ce:
The T easu y and Ex e nal Finance Depa men o he Mo occan Minis y o he Economy and Finance.
Re enue excluding VAT om local au ho i ies, as men ioned by (Oma and Aya 2021).
Acco ding o Figu e 2, VAT, CT, IT and egis a ion ees a e he main ax e enues in
he s uc u e o s a e ax e enues, wi h an a e age o 26.53% o VAT e enues, 22.1% o
CT, 19.9% o IT and 14.77% o egis a ion and s amps be ween 2000 and 2020.
Du ing he pe iod 1990–2020, he ax p essu e and he g ow h a e o he eal GDP
as an annual pe cen age in Mo occo ha e unde gone p o ound changes acco ding o da a
collec ed om he In e na ional Mone a y Fund, as shown in he ollowing g aph:
Du ing he pe iod 1990–2000, Mo occo unde ook a se ies o poli ical, social, inancial
and economic e o ms, as well as implemen ing he F amewo k Law on axa ion and
e o ming he na ional ax sys em h ough he Finance Ac s du ing his pe iod, wi h he
aim o ca ching up on accumula ed delays in economic and social de elopmen . Acco ding
o Figu es 3and 4, ax p essu e in Mo occo unde wen a ious changes o e he pe iod
1990–2000, dec easing by 0.48% om 21.26% in 1990 o 20.78% in 2000, i.e., an a e age ax
p essu e o 20.15% be ween 1990 and 2000, wi h an economic g ow h a e o 3.15% o e he
same pe iod.
The i s “Taxa ion Assizes”, held in 1999, p o ided an oppo uni y o e lec on he
mechanisms o simpli ying, s eamlining and ha monizing he ax sys em. Nume ous
e o ms we e in oduced by successi e Finance Ac s om 2000 o 2011, esul ing in a se ies
o measu es o simpli y, a ionalize and ha monize he ax sys em, including he e o m o
egis a ion du ies in 2004, he s a o VAT e o m in 2005, he consolida ion o ax ex s
in o a single olume, he Gene al Tax Code published in 2007, and he e o m o he income
ax scale in 2009, adding o he inancial c isis ha hi he wo ld in 2007 and 2008. O e he
pe iod 2000–2010, he a e o ax p essu e ose sha ply om 20.78% in 2000 o 24.78% in
2010, an inc ease o 4 poin s, wi h he highes a e eco ded in 2008 a 28.88%, while he
geome ic a e age a e o ax p essu e o e he pe iod 2000–2010 was 23.24%, an inc ease
o 3.09% on he 1990–2000 pe iod, wi h an a e age economic g ow h a e o 4.68%. Despi e
Economies 2024,12, 201 15 o 18
inadequa e con ol. These di icul ies hampe he g ow h o di ec ax esou ces, p omp ing
he s a e o concen a e on indi ec axa ion, and consequen ly inc easing he p oblem o
ailing o ha ness axa ion o p omo e economic g ow h.
Economies 2024, 12, x FOR PEER REVIEW 15 o 19
C −0.4035 0.7041 −0.5731 0.2071 0.2831 0.7315
R-squa ed 0.7788 0.1444
Sou ce: Au ho s (ou calcula ions based on E iews 12).
To in e p e he esul s o he VAR (2) model, we need o es i s econome ic obus -
ness. Acco ding o Table 4, he in e se es o he oo s o he cha ac e is ic polynomial is
used o es he s a iona i y o he model, whe e all he oo s mus lie inside he uni ci cle.
We no e ha all he eigen alues lie wi hin he uni ci cle, as illus a ed in Figu e 6.
Thus, he VAR (2) model is s a iona y, and he a iables ollow a no mal dis ibu ion. In
his espec , we can conclude ha he model is alid and eady o be in e p e ed. Fu he -
mo e, i we examine causali y in he G ange sense, we can see he ollowing.
Figu e 6. VAR s a iona i y es (2). Sou ce: Au ho s (ou calcula ions based on E iews 12).
Indeed, he impac o ax p essu e on economic g ow h has no been e i ied. This
can be explained by he speci ic na u e o he Mo occan ax sys em. The succession o
e o ms o he ax sys em o e he 1990–2020 s udy pe iod e lec s he go e nmen ’s de-
e mina ion o adap he ax policy o he coun y’s economic e olu ion. These e o ms
gene ally ollow in e na ional ends and seek o make axa ion mo e g ow h iendly.
Howe e , despi e he p og ess made, he Mo occan ax sys em con inues o suffe om a
numbe o cons ain s, including he supe io i y o indi ec axes o e di ec axes, due o
he size o he in o mal economy, aud and ax e asion, low ax a es, exemp ions o
ce ain sec o s, and inadequa e con ol. These difficul ies hampe he g ow h o di ec ax
esou ces, p omp ing he s a e o concen a e on indi ec axa ion, and consequen ly in-
c easing he p oblem o ailing o ha ness axa ion o p omo e economic g ow h.
In his espec and based on he esul s o he VAR model and he causali y es p e-
sen ed in Table 5, we can see ha se e al de e minan s can impac economic g ow h in
Mo occo, apa om ax p essu e, and ha he alue o eal GDP is in luenced by i s pas
alues. O e he pe iod 1990–2020, he Mo occan economy was affec ed by s uc u al
ans o ma ions and economic c ises, which led o changes in he pace and le el o eco-
nomic g ow h. The 2008–2009 inancial and economic c isis impac ed Mo occo’s economic
g ow h o se e al yea s, wi h he de e io a ion in economic ac i i y in Mo occo’s pa ne
coun ies ansmi ed wi h a ime lag h ough ou main channels: o eign demand ad-
d essed o Mo occo, ou ism eceip s, ans e s om Mo occans li ing ab oad (MLA), and
o eign di ec in es men (FDI).
Table 5. Causali y es .
Null Hypo hesis F-S a is ic P ob
DPIB does no G ange cause DPF 1.4997 0.2434
DPF does no G ange cause DPIB 0.1893 0.8288
Sou ce: Au ho s (ou calcula ions based on E iews 12).
-2
-1
0
1
2
3
-4 -3 -2 -1 0 1
Figu e 6. VAR s a iona i y es (2). Sou ce: Au ho s (ou calcula ions based on E iews 12).
In his espec and based on he esul s o he VAR model and he causali y es
p esen ed in Table 5, we can see ha se e al de e minan s can impac economic g ow h
in Mo occo, apa om ax p essu e, and ha he alue o eal GDP is in luenced by i s
pas alues. O e he pe iod 1990–2020, he Mo occan economy was a ec ed by s uc u al
ans o ma ions and economic c ises, which led o changes in he pace and le el o economic
g ow h. The 2008–2009 inancial and economic c isis impac ed Mo occo’s economic g ow h
o se e al yea s, wi h he de e io a ion in economic ac i i y in Mo occo’s pa ne coun ies
ansmi ed wi h a ime lag h ough ou main channels: o eign demand add essed o
Mo occo, ou ism eceip s, ans e s om Mo occans li ing ab oad (MLA), and o eign
di ec in es men (FDI).
Table 5. Causali y es .
Null Hypo hesis F-S a is ic P ob
DPIB does no G ange cause DPF 1.4997 0.2434
DPF does no G ange cause DPIB 0.1893 0.8288
Sou ce: Au ho s (ou calcula ions based on E iews 12).
In he same con ex , 2020 will be ma ked by an unp eceden ed economic ecession.
As a esul , he a e o economic g ow h slowed down his yea , a ec ing he yea s ha
ollowed, no ably 2021 and 2022. We can he e o e conclude ha se e al ac o s o he han
iscal p essu e in luence sho - and long- e m economic g ow h, and ha he e olu ion o
he eal GDP g ow h a e depends on pas alues.
The VAR model assumes ha he se ies a e s a iona y. In his case, he se ies used
a e non-s a iona y. By di e en ia ing hem su icien ly, we can s a iona ize hem. This
ope a ion has i s limi s, howe e , pa icula ly i he a iables sha e one o mo e s able
long- e m ela ionships. In his case, using he Engel–G ange coin eg a ion es , as de ailed
in Table 5, we ha e es ed he s a iona i y o he esiduals esul ing om his es ima ion. I
hey a e s a iona y, hen he e is a long- e m ela ionship; o he wise, he p ocedu e s ops
he e.
The analysis shows ha he null hypo hesis o he uni oo is ejec ed, as de ailed
in Table 6. The esiduals o a long- e m ela ionship a e s a iona y in na u e, con i ming
he exis ence o a coin eg a ion ela ionship be ween he g ow h a e o eal GDP and
ax p essu e. Howe e , he exis ence o a long- un ela ionship pa es he way o he
es ima ion o he e o -co ec ion model.
Acco ding o G ange ’s ep esen a ion heo em, any coin eg a ed sys em implies he
exis ence o an e o -co ec ing mechanism ha p e en s a iables om de ia ing oo a
om hei long- e m equilib ium.
Economies 2024,12, 201 16 o 18
Table 6. Residual s a iona i y es .
T-S a is ic P ob
Augmen ed Dickey–Fulle es s a is ic −4.8586 0.0000
Sou ce: Au ho s (ou calcula ions based on E iews 12).
The coe icien associa ed wi h he o ce o he e u n o equilib ium is signi ican ly
nega i e (
−
0.3939%), as shown in Table 7. This indica es he p esence o an e o -co ec ion
mechanism. The mechanism e lec s he con e gence o he GDP se ies ajec o ies owa d
he long- e m a ge . Speci ically, ollowing a shock, he GDP esponse a iable e u ns o
equilib ium a a a e o 39%, meaning ha he shock is ully esol ed a e app oxima ely
wo yea s and six mon hs (1/0.3939 = 2.53).
Table 7. Vec o e o -co ec ion model using G ange ’s app oach.
Va iable Coe icien S d. E o -S a is ic P ob
C 0.2013 0.1647 1.2222 0.2405
DLGPF (−1) −0.0883 0.2313 −0.3820 0.7078
DLPF (−1) 3.4894 2.7793 1.2555 0.2285
DLPF 0.0800 2.8377 0.0282 0.9779
RESID LT (−1) −0.3151 0.1237 −2.5470 0.0223
R-squa ed 0.6059
C 0.2563 0.1477 1.7350 0.0981
RESID LT (−1) −0.3939 0.0748 −5.2630 0.0000
R-squa ed 0.5807
Sou ce: Au ho s (ou calcula ions based on E iews 12).
This esul was highligh ed by Widmalm (2001), acco ding o whom he sha e o
public spending coming om ax e enues con ibu es o imp o ing p oduc i i y and
consequen ly economic g ow h. Keho’s empi ical wo k also con i ms hese esul s. He
examined he p oblem o ax le ies on economic ac i i y in Cô e d’I oi e. Using coin eg a-
ion and causali y es s on annual da a co e ing he pe iod om 1960 o 2006, he au ho
ob ained long- e m e idence o a ela ionship be ween axa ion and GDP. Thus, he asse ed
ha axa ion does no hinde g ow h in he long e m and ha ax e enues a e posi i ely
co ela ed wi h he GDP and i s componen s.
The esul s o he wo app oaches— he ec o au o eg ession model (VAR) and he
ec o e o co ec ion model (VECM)— e eal he exis ence o a ela ionship be ween ax
p essu e and economic g ow h o e he pe iod s udied. Howe e , his ela ionship emains
less signi ican and asse s ha basing long- e m g ow h on i s pas alues and on he ax
p essu e emains insu icien , as he e ec o axa ion is di icul o quan i y and he e y
na u e o he dependen a iable equi es conside a ion o o he de e minan s, including
in es men , sa ings, he ax s uc u e and so on.
5. Conclusions
This s udy con ibu es o he li e a u e by documen ing he impac o ax p essu e on
long- e m economic g ow h in Mo occo, hus p o iding a amewo k o u u e esea ch
in o his complex ela ionship. Using econome ic models such as VAR and VECM, i
highligh s he di e en ial impac o pas alues on he eal GDP g ow h and o ax p essu es
on cu en g ow h. The con i ma ion o hese esul s in ela ion o p e ious s udies and
na ional p ac ices unde lines hei con ex ual ele ance.
The implica ions o his s udy a e o in e es o esea che s and p ac i ione s alike.
Fo esea che s, i p o ides a basis o a deepe unde s anding o he mechanisms ha
c ea e he ela ionship be ween ax p essu e and long- e m economic g ow h and pa es he
way o a b oadening o he heo y on he ac o s ha c ea e he ela ionship be ween ax
Economies 2024,12, 201 17 o 18
p essu e and long- e m economic g ow h, such as in es men , sa ings and ax s uc u e.
Fo p ac i ione s, based on he esul s ob ained, i is sugges ed ha an op imized ax
s uc u e be adop ed ha encou ages in es men and inno a ion while egula ly e alua ing
public spending o ensu e i s con ibu ion o economic g ow h, pa icula ly in he ields
o educa ion and in as uc u e. Real implemen a ion o he p inciples o he new ax
policy e o m is needed o comba ax e asion and a oidance, he eby inc easing e enues
wi hou aising ax a es. I is also sugges ed o analyze ax p og essi i y o ensu e a ai
dis ibu ion o he ax p essu e and o emphasize anspa ency and accoun abili y in ax
adminis a ion. Finally, be o e implemen ing new ax measu es, i would be p uden o
ca y ou impac s udies o assess hei po en ial consequences o economic g ow h and
social equi y.
I is impo an o ecognize ha he me hodological choices made in his s udy, based
on he use o speci ic econome ic models such as VAR and VECM, may in luence he
gene aliza ion o he esul s o o he con ex s. Al hough he quan i a i e na u e o he
s udy o e s analy ical igo , i may o e look ce ain quali a i e aspec s o he ela ionship
be ween ax p essu e and economic g ow h. As a esul , i is necessa y o be cau ious
when ex apola ing he conclusions o o he si ua ions, conside ing he economic, iscal
and poli ical speci ici ies o each coun y. To o e come hese limi a ions, a mixed app oach
in eg a ing quan i a i e and quali a i e analyses could be bene icial. By explo ing he
implica ions o he s udy design and me hodology o he gene alizabili y o he esul s,
and by p o iding examples o addi ional con ex s, his s udy can con ibu e o a be e
unde s anding o he unde lying mechanisms and policy implica ions o he ela ionship
be ween iscal p essu e and economic g ow h.
I is essen ial o ecognize ha ecen global e en s such as he COVID-19 pandemic
and geopoli ical ensions a e ha ing a signi ican impac on na ional economies. These
e en s may dis up he long- e m ela ionship be ween iscal policy and economic g ow h
in Mo occo mo e han in o he , simila con ex s. Howe e , his poin dese es o be
de eloped u he in u u e esea ch o p o ide a comp ehensi e iew o he impac o
mac oeconomic and geopoli ical challenges on he iscal de e minan s o economic g ow h.
This s udy sugges s p omising a enues o u u e esea ch. I in i es u he explo-
a ion o he de e minan s o he ela ionship be ween ax p essu e and long- e m economic
g ow h, such as in es men , sa ings and ax s uc u e. In addi ion, he p oposal o an
econome ic me hod o de e mining he op imal le el o ax p essu e will pa e he way
o u he esea ch. These ecommenda ions p o ide aluable guidance o esea che s
wishing o explo e hese aspec s in g ea e dep h and o decision-make s looking o
p ac ical solu ions o imp o e long- e m economic g ow h in Mo occo.
Au ho Con ibu ions: Concep ualiza ion, N.B., S.M., M.O. and A.B.; Me hodology, N.B., S.M.,
M.O. and A.B.; So wa e, N.B., S.M. and M.O.; Valida ion, M.O. and A.B.; Fo mal analysis, N.B.,
S.M., M.O. and A.B.; Resou ces, N.B., S.M., M.O. and A.B.; Da a cu a ion, N.B., S.M., M.O. and
A.B.; W i ing—o iginal d a , N.B., S.M., M.O. and A.B.; W i ing— e iew & edi ing, M.O. and A.B.;
Visualiza ion, N.B., S.M., M.O. and A.B.; Supe ision, M.O. and A.B. All au ho s ha e ead and
ag eed o he published e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : Da a is a ailable a In e na ional Mone a y Fund o ax p essu e and
he eal GDP g ow h a e (h ps://www.im .o g/en/Coun ies/MAR, accessed on 28 Ma ch 2022),
Resea ch and Financial Fo ecas ing Depa men (2008), Elbagga i (2023).
Con lic s o In e es : The au ho s decla e no con lic s o in e es .
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Disclaime /Publishe ’s No e: The s a emen s, opinions and da a con ained in all publica ions a e solely hose o he indi idual
au ho (s) and con ibu o (s) and no o MDPI and/o he edi o (s). MDPI and/o he edi o (s) disclaim esponsibili y o any inju y o
people o p ope y esul ing om any ideas, me hods, ins uc ions o p oduc s e e ed o in he con en .
