Current GDP per capita grew 47% in the 1960s, reaching a peak growth of 274% in the 1970s.
Mean wages were $2.88 per man-hour in 2009. The following table shows the main economic indicators in 1980–2017. ==Economic History (1960–recent)== ===1960–1989=== Morocco instituted a series of development plans to modernize the economy and increase production during the 1960s.
Net investment under the five-year plan for 1960–64 was about $1.3 billion.
The plan called for a growth rate of 6.2%, but by 1964 the growth rate had only reached only 3%.
The five-year development plan for 1968–72 called for increased agriculture and irrigation.
Current GDP per capita grew 47% in the 1960s, reaching a peak growth of 274% in the 1970s.
The objective was to attain an annual 5% growth rate in GDP; the real growth rate actually exceeded 6%. Investment during the 1970s included industry and tourism development.
The five-year plan for 1973–77 envisaged a real economic growth of 7.5% annually.
In 1975, King Hassan II announced a 50% increase in investment targets to allow for the effects of inflation.
The 1978–80 plan was one of stabilization and retrenchment, designed to improve Morocco's balance-of payments position. The ambitious five-year plan for 1981–85, estimated to cost more than $18 billion, aimed at achieving a growth rate of 6.5% annually.
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 program toward accelerating economic growth with the support of the International Monetary Fund, the World Bank, and the Paris Club of creditors.
However, this proved unsustainable and growth scaled back sharply to just 8.2% in the 1980s and 8.9% in the 1990s. This is a chart of trend of gross domestic product of Morocco at market prices estimated by the International Monetary Fund with figures in millions of Moroccan dirhams. For purchasing power parity comparisons, the U.S.
Mean wages were $2.88 per man-hour in 2009. The following table shows the main economic indicators in 1980–2017. ==Economic History (1960–recent)== ===1960–1989=== Morocco instituted a series of development plans to modernize the economy and increase production during the 1960s.
The 1978–80 plan was one of stabilization and retrenchment, designed to improve Morocco's balance-of payments position. The ambitious five-year plan for 1981–85, estimated to cost more than $18 billion, aimed at achieving a growth rate of 6.5% annually.
However, this proved unsustainable and growth scaled back sharply to just 8.2% in the 1980s and 8.9% in the 1990s. This is a chart of trend of gross domestic product of Morocco at market prices estimated by the International Monetary Fund with figures in millions of Moroccan dirhams. For purchasing power parity comparisons, the U.S.
Large industrial projects included phosphoric acid plants, sugar refineries, mines to exploit cobalt, coal, silver, lead, and copper deposits, and oil-shale development. ===1990–2000s=== Moroccan economic policies brought macroeconomic stability to the country in the early 1990s but did not spur growth sufficient to reduce unemployment despite Moroccan Government's ongoing efforts to diversify the economy.
Since 1993, Morocco has followed a policy of privatization of certain economic sectors which used to be in the hands of the government.
Drought conditions depressed activity in the key agricultural sector, and contributed to an economic slowdown in 1999.
This process started with the sale of a second GSM license in 1999.
Two successive years of drought led to a 1% incline in real GDP in 1999 and stagnation in 2000.
Favourable rainfalls have led Morocco to a growth of 6% for 2000.
Formidable long-term challenges included: servicing the external debt; preparing the economy for freer trade with the EU; and improving education and attracting foreign investment to improve living standards and job prospects for Morocco's youthful population. Macroeconomic stability coupled with relatively slow economic growth characterized the Moroccan economy over the period 2000–2005.
Although Morocco's economy grew in the early 2000s, it was not enough to significantly reduce poverty. Through a foreign exchange rater anchor and well-managed monetary policy, Morocco held inflation rates to industrial country levels over the past decade.
Inflation in 2000 and 2001 were below 2%.
Two successive years of drought led to a 1% incline in real GDP in 1999 and stagnation in 2000.
Better rains during the 2000 to 2001 growing season led to a 6.5% growth rate in 2001.
It has designed and is now implementing a comprehensive set of new sector strategies that respond to the overall national vision and that target development challenges with clear, measurable goals and indicators. Tough government reforms and steady yearly growth in the region of 4–5% from 2000 to 2007, including 4.9% year-on-year growth in 2003–2007 the Moroccan economy is much more robust than just a few years ago.
The government wishes to increase 3 exports from $1.27 billion in 2001 to $3.29 billion in 2010. The high cost of imports, especially of petroleum imports, is a major problem.
Inflation in 2000 and 2001 were below 2%.
Foreign exchange reserves were strong, with more than $7 billion in reserves at the end of 2001.
Better rains during the 2000 to 2001 growing season led to a 6.5% growth rate in 2001.
In 2001, the process continued with the privatization of 35% of the state operator Maroc Telecom.
The production of textiles and clothing is part of a growing manufacturing sector that accounted for approximately 34% of total exports in 2002, employing 40% of the industrial workforce.
The government continued liberalizing the telecommunications sector in 2002, as well as the rules for oil and gas exploration.
Morocco announced plans to sell two fixed licenses in 2002.
The government in 2003 was using revenue from privatizations to finance increased spending.
It has designed and is now implementing a comprehensive set of new sector strategies that respond to the overall national vision and that target development challenges with clear, measurable goals and indicators. Tough government reforms and steady yearly growth in the region of 4–5% from 2000 to 2007, including 4.9% year-on-year growth in 2003–2007 the Moroccan economy is much more robust than just a few years ago.
Growth in 2006 went above 9%, this was achieved by a booming real estate market. The government introduced a series of structural reforms in recent years.
It has designed and is now implementing a comprehensive set of new sector strategies that respond to the overall national vision and that target development challenges with clear, measurable goals and indicators. Tough government reforms and steady yearly growth in the region of 4–5% from 2000 to 2007, including 4.9% year-on-year growth in 2003–2007 the Moroccan economy is much more robust than just a few years ago.
GDP growth in 2007 was only 2.2% due to a poor harvest caused by prolonged periods of drought; Morocco experienced nonagricultural GDP growth of 6.6 percent in 2007.
Due in part to the rebounding of the agricultural sector, which had suffered from a 2007 drought, the economy expanded 5.6% in 2008, with 5.7% growth forecasted for 2009.
The agriculture sector is being rehabilitated, which in combination with good rainfalls led to a growth of over 20% in 2009. ===2008=== In a statement, released in July 2008, the IMF called Morocco "a pillar of development in the region" and congratulated King Mohammed VI and the Central Bank on Morocco's continued strong economic progress and effective management of monetary policy. Morocco's economy is expected to grow by 6.5% in 2008, according to the Moroccan finance minister.
Inflation is expected to reach 2.9% in 2008 due to the rising costs of energy. In an increasingly challenging global economic climate, the IMF expects continued nonagricultural expansion of the Moroccan economy. The global financial crisis affected the Moroccan economy in only a limied way.
At the end of November 2008, the state's budget registered a surplus of MAD 3.2 billion ($372 million), while at the end of November 2009, the budgetary surplus is projected at MAD 6.9 billion ($803 million). The diversification of the Economy includes a multi-disciplinary approach to the development of non-agricultural sector, including the creation of special sectorial zones in industry, tourism and services outsourcing.
Due in part to the rebounding of the agricultural sector, which had suffered from a 2007 drought, the economy expanded 5.6% in 2008, with 5.7% growth forecasted for 2009.
Additionally, phosphates production, which accounted for more than a third of 2008 exports, is being restructured for greater value. Morocco's economy is expected to achieve a 6.6% growth in the first quarter of 2009 up from 4.8% in the past quarter thanks to prospects for an agricultural campaign above the average of the past five years. By the end of December 2008, rainfalls exceeded that of an ordinary year by 106%.
In these conditions and taking into consideration a cereal campaign nearing 70 million quintals, the agricultural value added could increase by 22.2% in the first quarter of 2009, thus contributing 2.9% to the national economic growth. Due to a decrease of activity among Morocco's main commercial partners, foreign demand of goods destined towards Morocco would moderately slow down in 2009 compared to the 9% rise in 2008.
Mean wages were $2.88 per man-hour in 2009. The following table shows the main economic indicators in 1980–2017. ==Economic History (1960–recent)== ===1960–1989=== Morocco instituted a series of development plans to modernize the economy and increase production during the 1960s.
The agriculture sector is being rehabilitated, which in combination with good rainfalls led to a growth of over 20% in 2009. ===2008=== In a statement, released in July 2008, the IMF called Morocco "a pillar of development in the region" and congratulated King Mohammed VI and the Central Bank on Morocco's continued strong economic progress and effective management of monetary policy. Morocco's economy is expected to grow by 6.5% in 2008, according to the Moroccan finance minister.
At the end of November 2008, the state's budget registered a surplus of MAD 3.2 billion ($372 million), while at the end of November 2009, the budgetary surplus is projected at MAD 6.9 billion ($803 million). The diversification of the Economy includes a multi-disciplinary approach to the development of non-agricultural sector, including the creation of special sectorial zones in industry, tourism and services outsourcing.
In addition, reforms to the higher educational system and business law are also planified in the new program-contract signed in 2009 between the government, the banking sector and some zone-development companies.
Due in part to the rebounding of the agricultural sector, which had suffered from a 2007 drought, the economy expanded 5.6% in 2008, with 5.7% growth forecasted for 2009.
Additionally, phosphates production, which accounted for more than a third of 2008 exports, is being restructured for greater value. Morocco's economy is expected to achieve a 6.6% growth in the first quarter of 2009 up from 4.8% in the past quarter thanks to prospects for an agricultural campaign above the average of the past five years. By the end of December 2008, rainfalls exceeded that of an ordinary year by 106%.
In these conditions and taking into consideration a cereal campaign nearing 70 million quintals, the agricultural value added could increase by 22.2% in the first quarter of 2009, thus contributing 2.9% to the national economic growth. Due to a decrease of activity among Morocco's main commercial partners, foreign demand of goods destined towards Morocco would moderately slow down in 2009 compared to the 9% rise in 2008.
This trend could continue in Q1 of 2009 with a growth rate not exceeding 2% due to a lackluster economic growth outlook and the slowdown of international trade. ===2019=== In June 2019, Morocco signed two agreements to obtain a loan worth $237 million from the Arab Fund for Economic and Social Development.
However, this proved unsustainable and growth scaled back sharply to just 8.2% in the Eighties and 8.9% in the Nineties. Real GDP growth is expected to average 5.5% in the 2009–13 period, seen the prospects in the tourism and the non-agricultural industry, as demand growth in the Eurozone — Morocco's key export market and source of tourists is projected to be more subdued.
The government wishes to increase 3 exports from $1.27 billion in 2001 to $3.29 billion in 2010. The high cost of imports, especially of petroleum imports, is a major problem.
The World Economic Forum placed Morocco as the 1st most competitive economy in North Africa, in its African Competitiveness Report 2014-2015. The services sector accounts for just over half of GDP; industry – made up of mining, construction and manufacturing – is an additional quarter.
The objective is to become an emerging industrial country of the likes of Vietnam by 2015. US Ambassador to the EU noted that: "Morocco stands out as a model of economic reform for the region and for other developing countries.
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 program toward accelerating economic growth with the support of the International Monetary Fund, the World Bank, and the Paris Club of creditors.
Morocco suffers both from structural unemployment and a large external debt. The youth unemployment rate is 42.8% in 2017.
From 2018, the country's currency, the dirham, is fully convertible for current account transactions; reforms of the financial sector have been implemented; and state enterprises are being privatized. The major resources of the Moroccan economy are agriculture, phosphate minerals, and tourism.
In 2018, Morocco ranked 121st out of 189 countries in the world on the Human Development Index (HDI), behind Algeria (82nd) and Tunisia (91st).
This trend could continue in Q1 of 2009 with a growth rate not exceeding 2% due to a lackluster economic growth outlook and the slowdown of international trade. ===2019=== In June 2019, Morocco signed two agreements to obtain a loan worth $237 million from the Arab Fund for Economic and Social Development.
The first seeks to create 1.5m jobs in the agriculture sector, and add around €7.65 billion to GDP through €10.8 billion of investments by 2020, while the latter will establish new industrial zones and boost training to increase efficiency.
All text is taken from Wikipedia. Text is available under the Creative Commons Attribution-ShareAlike License .
Page generated on 2021-08-05