Casablanca Slips Five Spots, Ranks 46th in Global Financial Centers Index

Casablanca Slips Five Spots, Ranks 46th in Global Financial Centers Index. Photo: Pixabay

Rabat – The 28th Global Financial Centers Index (GFCI) ranked Casablanca 46th out of 111 cities with a rating of 655.

In Africa, Casablanca continues to lead in first place, according to the report.

The index seeks to outline the progress of the world’s leading financial centers.

The ranking shows New York topping the list, with a rating of 770, followed by London (766) and Shanghai (748).

Tokyo comes fourth, followed by Hong Kong, Singapore, Beijing, and San Francisco.

Regarding the Middle East and Africa, the financial centers index showed that 10 of the 13 centers in the MENA region fell in the ratings, including Casablanca, “with only Abu Dhabi, Mauritius and Cape Town improving.”

The ranking listed Abu Dhabi 33rd, Mauritius 63rd , and Cape Town 67th.   

The report emphasized that the ranking experienced a change due to the impacts of COVID-19 on the evaluated centers’ performance.

“Overall, the average rating of centres in the index dropped over 41 points (6.25%) from GFCI 27,” the report said. Casablanca performed above average in dropping 25 points, from 680 to 655, in this year’s financial centers index.

The GFCI explained the drop is due to a “general lack of confidence” in finance due to the pandemic-induced uncertainty’s impact on individual economies, as well as local unrest.

“All of the top ten centres in the index increased their ratings in GFCI 28, reversing recent trends. Of the next 40 centres, 12 improved their rating while 27 fell. This may indicate increased confidence in leading centres during the COVID-19 pandemic.”

The report assesses the competitiveness of financial centers at the international level based on several criteria, including the quality of infrastructure, human capital, and business climate.

Like most countries across the globe, Morocco launched a set of initiatives seeking to mitigate the impacts of COVID-19 on its business climate.

The pandemic severely affected the country’s economy, which urged the government to launch recovery plans to rescue key sectors.

Among the plans was an economic project that Minister of Industry Moulay Hafid Elalamy announced on September 24.

The project seeks to boost Morocco’s industrial position on the international level.

The 2021-2023 Industrial Recovery Plan, according to Elalamy, aims to increase the country’s chances to “conquer new markets and industrial territories.”

The minister stressed that the North African country and its assets have potential to access new markets of over one billion consumers.