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Concept
Economy of Morocco
Summary
The economy of Morocco is considered a relatively liberal economy, governed by the law of supply and demand. Since 1993, in line with many Western world changes; Morocco has followed a policy of privatisation of certain economic sectors which used to be in the hands of the government. Morocco has become a major player in African economic affairs, and is the 5th largest African economy by GDP (PPP). The World Economic Forum placed Morocco as the most competitive economy in North Africa, in its African Competitiveness Report 2014–2015.
The services sector accounts for just over half of the GDP. The industry sector– consisting of mining, construction and manufacturing – is an additional quarter. The sectors that recorded the highest growth are the tourism, telecommunications, and textile sectors. Morocco, however, still depends to an inordinate degree on agriculture, which accounts for around 14% of GDP but employs 40–45% of the Moroccan population. With a semi-arid climate, it is difficult to assure good rainfall and Morocco's GDP varies depending on the weather. Fiscal prudence has allowed for consolidation, with both the budget deficit and debt falling as a percentage of GDP.
The economic system of the country is characterised by a large opening towards the outside world. In the Arab world, Morocco has the second-largest non-oil GDP, behind Egypt, as of 2017.
Since the early-1980s, the Moroccan government has pursued an economic programme toward accelerating economic growth with the support of the International Monetary Fund, the World Bank, and the Paris Club of creditors. From 2018, the country's currency, the Moroccan dirham, is fully convertible for current account transactions; reforms of the financial sector have been implemented; and state enterprises are being privatised.
The major resources of the Moroccan economy are agriculture, phosphate minerals, and tourism. Sales of fish and seafood are important as well. Industry and mining contribute about one-third of the annual GDP.
Official source
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