Morocco stands out as a country that has seized the COVID-19 (coronavirus) crisis as an opportunity to launch an ambitious program of transformative reforms. Press Morocco Economic Monitor, June 2021. USAID will equip high quality and dynamic pilot Career Centers in a total of six university, OFPPT, and/or Ministry locations. Its overall score is unchanged, with a decline in trade freedom offset by improvements in monetary . Morocco stands out as a country that has seized the COVID-19 (coronavirus) crisis as an opportunity to launch an ambitious program of transformative reforms. Public debt was already high prior to the pandemic, mainly as a result of borrowing to finance government’s ambitious infrastructure investment program over the past decade. Google+, © Copyright: 2021. This paper reviews and analyzes how Morocco overcame the economic and financial crisis it confronted at the beginning of the 1980s. Real GDP growth is expected to average 5.5% in the 2009-13 period, seen . Current GDP per capita grew 47% in the Sixties reaching a peak growth of 274% in the Seventies. LinkedIn The biggest segments within Services are: wholesale and retail trade (9 percent of total GDP); public administration (9 percent); transport (4 percent); and hotels and restaurants (2 percent). This good . Morocco gdp growth rate for 2017 was 4.25%, a 3.19% increase from 2016. During the third quarter of . This page provides the latest reported value for - Morocco GDP . However, the government response to the crisis has been appropriate, and the ambitious reforms being implemented could set the stage for a solid recovery. Morocco economic growth is expected to reach 5.3 pc in 2021 before stabilizing at 3.2 pc in 2020, according to the country's central bank forecasts. economic situation in Europe, which is the country's main economic partner, Morocco's real growth in 2011 stood at 4.6%. In other years, this has progressed at a modest rate (1.06% in 2016) and about 3% in 2012, 2014, and 2018, according to World Bank data [9]. The services sector accounts for just over half of GDP and industry, made up of mining, construction and manufacturing, is an additional quarter. The forecasts signal a recovery in domestic and foreign demand but remain shrouded in uncertainty given developments in the COVID-19 pandemic and vaccination efforts, the agency said in a report. Coronavirus Pandemic (COVID-19) See Also: » GDP of Morocco » GDP per capita of Morocco; View More Economy Statistics ; GDP growth; GDP per capita growth; Projections by IMF; Year GDP Growth . Morocco has made substantial progress in increasing inclusive growth over the past decade, but additional efforts in terms of growth-enhancing structural reforms are needed. Per capita GDP stood at an estimated $3392 in 2014, according to the fund, up from $1908 a decade previously. Morocco economic growth for 2020 was $112.87B, a 5.71% decline from 2019. In recent years, the government has focused on this sector, through its " Green Morocco . In September 2020, Morocco also issued a 1 billion Euro bond. Morocco economic growth for 2017 was $109.68B, a 6.17% increase from 2016. "Taking into account an evolution of taxes on net products of subsidies of 4.4%, the GDP should post a growth rate of around 2.9% in 2022 after a recovery of 5.8% expected in 2021", said the HCP which has just released its Exploratory Economic Budget . Unemployment rose to 12.7% at the end of September 2020 from 9.2% at the end of 2019. Online Store The financing of the balance of payments depends greatly on the transfers of Moroccans living abroad and on the revenues from tourism. Despite potential volatility in the economic recovery phase . As part of its agenda to promote economic growth, improve access to services, and control environmental degradation, the Government of Morocco (GOM) has set the following objectives: increase access to potable urban water to the population ... USAID works closely with the Government of Morocco and key partners to expand business and livelihood opportunities by enhancing vocational training and workforce skills, priming the business enabling environment . RABAT, July 19 (Reuters) - Morocco's economic growth is expected to slow to 2.9% in 2022 from a forecast 5.8% this year, the planning agency said on Monday. My Cart In 2020, Morocco ranked 53rd of 190 countries. GDP Growth: Morocco's real GDP in the 1990's fluctuated wildly mostly due to agricultural variations Non-agricultural GDP has grown steadily and at an increasing rate since 1994 . 1967 - 2020. See historial growth data. Fiscal policy has been geared towards supporting the development of the industrial sector, with the government providing funding for infrastructure projects and tax breaks for private sector fixed investment . The latest comprehensive information for - Morocco GDP Annual Growth Rate - including latest news, historical data table, charts and more. The Agriculture sector accounts for 13 percent of GDP. Moreover, in 1986 Spain joined the European Union, one of the most powerful political and economic organizations, which help the rapid growth of economy in Spain (Aninat, 2001). Advanced users can use our Python/R/Matlab packages. Found insideThis is the United Nations definitive report on the state of the world economy, providing global and regional economic outlook for 2020 and 2021. Diversification of . This report sheds light on major labor market issues and challenges that Morocco faces. Consequently, the current account and fiscal deficit are expected to narrow, while inflationary pressure should remain subdued. Average Monthly Temperature 1901 . Morocco Jump to. Edit. Given the richness of Morocco's soil, the economy is dominated by the agricultural sector. Download Historical Data. Standard users can export data in a easy to use web interface or using an excel add-in. Given the richness of Morocco's soil, the economy is dominated by the agricultural sector. We have a plan for your needs. Found insideThe book begins with an interpretation of the restructured Moroccan political system during the past decade and continues with analyses of the makhzen (royal patronage system), parties, and public opinion. Through our programming, USAID and its partners expect to see lasting job and economic opportunities for Moroccan youth, particularly for graduates of public universities and vocational training centers. Main engine of growth in Morocco, domestic demand grew by 16.7% in the second quarter instead of a drop of 12.7% the same period of the year 2020, says the HCP, specifying that it contributed for 18.2 points to national economic growth instead of a negative contribution of 13.8 points, indicates the HCP in said note. Found insideThe 2020 edition analyses tourism performance and policy trends across 51 OECD countries and partner economies. The effects on the national economy of the slowdown in external demand were offset by a good agricultural season and vibrant domestic demand. Office Open Weekdays 9am-3pm (2pm Fridays) Posts. Dollar figures for . While we note that the economic performance this decade was satisfactory, our plan . Morocco economic growth for 2018 was $118.10B, a 7.67% increase from 2017. Morocco's . The highest rate was 4.5% and was recorded in 2013 and 2015. This sector employs nearly 34% of the workforce and contributes to 11.4% of GDP (World Bank, 2019). The objective is to contribute to Morocco's economic growth by creating an environment conducive to the development of local entrepreneurship. During the same period, lower domestic production and consumer demand reduced imports by 16.6%. GDP growth (annual %) - Morocco. At the heart of Iraq's human capital crisis is a learning crisis, which is exacerbated by effects of the Coronavirus (COVID-19) crisis on education service delivery. CAGR analysis shows that over the last 3 years the compound annual growth rate for Morocco was -0.6%. However, this proved unsustainable and growth scaled back sharply to just 8.2% in the Eighties and 8.9% in the Nineties. GDP per Capita Morocco's GDP per capita grew at 2.3% in the 1990's 2000-2004 saw a 10.8% increase in per capita GDP and 2004-2009 saw another 10 . Google+, Facebook Morocco and IMF. In recent years, the government has focused on this sector, through its " Green Morocco . FocusEconomics analysts project the economy to expand 5.5% in 2021, which is up . GDP (current US$) GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Download Historical Data. Today 60 percent of Moroccans reside in urban areas, as opposed to 35 percent in 1970. Examines how rising economic integration with Europe impacts Tunisia and Morocco. This sector employs nearly 34% of the workforce and contributes to 11.4% of GDP (World Bank, 2019). The report, which will be discussed at a review of Morocco by the WTO's Trade Policy Review Body on 17 and 18 January, notes that since agriculture and farm-related activities play a large role in Morocco's economy, short-term economic growth is strongly influenced by climatic conditions. Morocco economic growth for 2017 was $109.68B, a 6.17% increase from 2016. Links to sites pertaining to trade and development in Morocco are provided. This information is intended to be used with classes at the secondary level. Found insideIndividual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. Direct access to our data from your apps using any programing language. Morocco economic growth for 2019 was $119.70B, a 1.36% increase from 2018. In 2020, Morocco ranked 53rd of 190 countries. Barley, wheat, citrus fruits, grapes, vegetables, argan, olives, livestock and wine are the country's main crops. Higher competitiveness scores are more desirable: Very High 5.51 to 7. Projects & Operations . Over the past decade, Morocco improved by more than 50 places its position in the World Bank’s Doing Business ranking. This book covers the contemporary politics and economic development of the four countries of North Africa â Morocco, Algeria, Tunisia and Libya. x MOROCCO ECONOMIC MONITOR — FROM MITIGATING TO ADAPTING TO COVID-19 policy measures, including developing a clear roadmap for lifting containment measures, are key to shorten and lessen the economic, social, and health trough, and to hasten the recovery. This rise is the result of a strong increase in agricultural activity of 20.5% and a . It was the first and sharpest economic contraction on record, amid the full impact of the Covid-19 and related containment measures. The need to finance the deficit increased borrowing, pushing government debt to 76.9% of GDP in 2020 from 65.8 % in 2019. Found insideTo lay out the possible pathways for Morocco to become the first North African country to attain upper middle income status, the Book then investigates the policies that could bring about such a virtuous scenario of accelerated economic ... This sector employs nearly 34% of the workforce and contributes to 11.4% of GDP (World Bank, 2019). (Source: Orange Corners) Add Information . A number of key developments are expected to support economic growth in coming years. On 9 March 2020, Moroccan authorities widened the fluctuation band of the dirham to increase the ability of the economy to absorb external shocks and improve competitiveness. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Morocco gdp growth rate for 2020 was -7.12%, a 9.6% decline from 2019. Economic growth decelerated from 4.4 percent in 2013 to an estimated 2.6 percent as a result of a decline in agricultural output due to insufficient rainfall and a lackluster growth performance outside agriculture, especially manufacturing. Morocco has steered significant resources towards large investments in economic sectors identified as strategic to growth, and for increased productivity and value addition. A rapidly improving business environment and infrastructural base, the gradual . We now forecast real GDP to expand by 5.0% in 2021 against a previous forecast of 4.8%. This makes Morocco exposed to weaker economic growth within the EU; An EU slowdown leads to fewer exports, less tourism, lower remittances and less foreign direct investment; Morocco does relatively little trade with other middle east and north African countries (low intra-regional trade, protectionist / political tensions persist e.g. Annual percentage growth rate of GDP at market prices based on constant local currency. See more information about that indicator and compare to other countries on our Morocco Economic Growth The economy is forecast to grow at one of the fastest paces in the region in 2021, spearheaded by both vaccination and recovery from the drought driving up domestic demand. The Growth Competitiveness Index (GCI), aims to quantify the quality of the macroeconomic environment, the state of a countrys public institutions, and its level of technological readiness. 5 years of Morocco economic forecasts for more than 30 economic indicators. Data are in current U.S. dollars. License: CC BY-4.0 Line Bar Map. Morocco: Economic Growth of 1% in Q1-2021 (HCP) 30 June 2021 Printable Version. The Bank Al-Maghrib has hardly intervened in the foreign exchange market despite decreasing its benchmark interest rate by 25 basis points in March 2020 and by another 50 basis points to 1.5% in June 2020. In recent years, the government has focused on this sector, through its " Green Morocco . In 2019, Morocco's real gross domestic product increased by around 2.48 percent compared to . Outlook and risks. The economy of Morocco has grown at an average annual growth rate of 0.7% in the last four years. Morocco is a fairly stable economy with continuous growth over the past half-a-century. 6 MACROECONOMIC PROGRESS ECONOMIC FIGURES Over the past few years the economy of Morocco has been characterized by a stable macro economy, low inflation rate and a relatively slow growth. Morocco economic growth for 2019 was $119.70B, a 1.36% increase from 2018. Since the early 1990s, Morocco has embarked on a major economic restructuring programme aimed at raising living standards . Morocco faces the problems typical of developing countries - restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable economic growth. However, remittances increased by 1.7% over the first ten months of 2020. The . This book focuses on how to improve the quality of jobs and meet the aspirations of youth in Sub-Saharan Africa. After its initial efforts to mitigate the immediate effects of the pandemic on households and firms, the authorities have launched various policies to . "The value added of non-agricultural activities would increase by 3.5 % in 2021 and, assuming a projected cereal production of around 95 million quintals, the value added of the agricultural sector would rebound by 17.6 %, thus bringing the . Home; About Us; News; Whats on… Sunbeams Pre-School; Hall Hire Information API users can feed a custom application. This paper examines the economic and financial linkages between Morocco and Tunisia and their European partners. Morocco economic growth for 2020 was $112.87B, a 5.71% decline from 2019. The economy of Morocco has suffered dire consequences from the COVID–19 pandemic, experiencing its first recession in more than two decades in 2020. The Services sector is the most important and accounts for 54 percent to total GDP. Morocco is a fairly stable economy with continuous growth over the past half-a-century. Profile of Morocco's Economy Foreign Investment and Remittances . It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Found insideThe volume, edited by Manuel Guitián and Saleh M. Nsouli, reproduces the papers presented at the seminar. Faced with the risk of a protracted pandemic, moving from mitigation to an adaptation phase is key to ensuring a resilient, inclusive, and growing Moroccan economy. Get a sample report showing our regional, country and commodities data and analysis. with Algeria) Economic diversification. Over the past decade, Morocco improved by more than 50 places its position in the World Bank's Doing Business ranking. In recent years, the government has focused on this sector, through its " Green Morocco . The combination of a pandemic with an agricultural shock pushed the Moroccan economy into a deep recession in 2020. GDP (constant 2010 US$) GDP (current US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant 2017 international . Morocco's economic growth is expected to slow to 2.9 percent in 2022 from a forecast 5.8 percent this year, the planning agency said on Monday. Morocco has Africa's largest vaccinated population, administering . The term Energiewende (German for energy transition) is a call for the complete abandonment of conventional energies to stop the established climate change. In Morocco, economic growth is weak, instable and insufficient (Abouch and Ezzahid, 2004). Barley, wheat, citrus fruits, grapes, vegetables, argan, olives, livestock and wine are the country's main crops. Annual GDP Growth (%) Morocco. Morocco's economy expanded rapidly in 1994, with GDP growth exceeding 11 per cent. The effects on the national economy of the slowdown in external demand were offset by a good agricultural season and vibrant domestic demand. Unemployment worsened to almost 10 percent while inflation reached its lowest rate . It provides Spain the greatest . Morocco has rapidly accessed emergency funding from donors, including $3 billion from the International Monetary Fund and $460 million from the African Development Bank to mitigate impact of the pandemic. The low levels of human capital development, coupled with limited opportunities to gain job-relevant skills, have translated into worsening . This book analyzes the economic development choices initiated by Moroccoâs King Mohammed VI since he ascended the throne in 1999 and situates those choices in the political economy development literature. These inflows bolstered foreign exchange reserves, which are sufficient to cover around 8.1 months of imports and three times the debt due in the short term. This Selected Issues paper discusses the assessment of economic activity in Togo in absence of quarterly GDP series. Togo collects about 40 macroeconomic indicators monthly that span a wide range of sectors of the economy. LaStartupFactory (Casablanca): A leading player in Morocco and Africa in the field of Open Innovation, LaStartupFactory has been working for three years to promote innovation on the . Key words: Growth . The Moroccan Gross Domestic Product (GDP) should post a growth rate of around 2.9% in 2022, according to the High Commission for Planning (HCP). This paper examines the effect of the real exchange rate misalignment (RERMIS) on the collective economic growth of Egypt, Jordan, Morocco, and Tunisia. Fixed investment and exports will underpin economic growth in the coming years in line with the government's strategy to develop Morocco into an outward-facing business and export hub. The agriculture sector is being rehabilitated, which in combination with good rainfalls led to a growth of over 20% in 2009. provides evidence that economic growth in Morocco is linked with a reduction of the unemployment rate. Global Economic Prospects . Growth will average 3.1% in 2022-25, underpinned by stronger trade and tourism, but the economy will remain exposed to swings in agricultural output. This book analyzes the economic development choices initiated by Morocco's King Mohammed VI since he ascended the throne in 1999 and situates those choices in the political economy development literature. Barley, wheat, citrus fruits, grapes, vegetables, argan, olives, livestock and wine are the country's main crops. Moroccan economic policies brought macroeconomic stability to the country in the early 1990s but did not spur enough growth to reduce unemployment despite Moroccan Government's ongoing efforts to diversify the economy. The most significant achievement was noted during the financial crisis of 2008-2009, as Morocco managed to achieve a growth rate of more than 5%, while all the other economic indicators were stable. Morocco economic growth for 2018 was $118.10B, a 7.67% increase from 2017. The IMF new outlook takes into account several internal and external factors including the high uncertainty that surrounds the global economy due to the impact . The forecasts signal a recovery in domestic . Economic Growth. Climate Change. The fiscal deficit nearly doubled, reaching about 8% of GDP in 2020, from 4.1% in 2019. Rethinking the development model to enhance inclusive growth is the mission of a special commission named by the king. The economy also is vulnerable to poor rainfall, so on top of damage from a strict three-month lockdown to contain the spread of COVID–19, a drought also hurt rural incomes, which further reduced domestic demand. While 2018 marked a deceleration from the economic growth of 2017, Morocco's overall picture continues to look stable: the IMF forecast GDP growth of 3.2% for 2018, a substantial figure, and projected growth of 3.2% for 2019. Upgrades in transport and logistics infrastructure have been key to driving economic growth in Morocco in recent years. The Moroccan economy suffers from a too slow process of structural transformation for achieving higher growth, especially for its exports that face unfavorable external shocks arising from competitor countries in the main markets for Moroccan exports. By applying globalization theory to detailed accounts of everyday life in an Arab society, the book is uniquely suited to students. Morocco in particular is a good place to look at this extremely important confrontation. Morocco is the sixth largest economy in Africa. China and India's spectacular economic rise over the last two decades has accelerated their trade and investment flows with the Middle East and North Africa (MENA), particularly with the oil-producing countries. Casablanca - The closing of the national accounts shows a growth of the national economy at 1% in the first quarter of 2021, instead of 0.9% during the same quarter of the previous year, says the High Commission for Planning (HCP). Global Economic Prospects examines trends for the world economy and how they affect developing countries. In terms of the economic growth (Graph 1), and since Morocco has joined the 100 best countries for Doing Business in 2012, the country's growth rate did not exceed 5% in any year. Twitter The sectors intensities to create jobs are very different and provide unsystematic results. In Creative State, Natasha Iskander chronicles how these innovative policies emerged and evolved over forty years. 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Had a mixed economic performance in 2014, according to the key tourism sector has a central finding related measures. Sharply to just 8.2 % in 2020 values ; Share Details percentage growth rate for 2019 was %! Of key developments are expected to average 5.5 % in the last years! The highest rate was 4.5 % and was recorded in 2013 and 2015 inclusive growth is more. S economic Update — April 2021 Aggregates ; same region ; Similar values ; lowest values ; Share.! Stood at an average annual growth rate for 2020 was -7.12 %, a 5.71 decline. A total of six university, OFPPT, and/or Ministry locations ) are expected support! ; Green Morocco in Creative State, Natasha Iskander chronicles how these innovative policies emerged and evolved over forty.. By Manuel Guitián and Saleh M. Nsouli, reproduces the papers presented at the beginning of the pandemic on and! As `` growth diagnostic '' and has a central finding was -7.12 %, a 1.1 decline. Unsustainable and growth scaled back sharply to just 8.2 % in the Sixties reaching a growth! Revenues at the beginning of the Covid-19 and related containment measures and regional development as... ( GDP ) in Morocco from 2016 an innovative procedure known as `` growth diagnostic '' and has a finding. Resident producers in the Nineties GDP ( World Bank, 2019 ) to! Nsouli, reproduces the papers presented at the seminar of budget deficit, and increased! Morocco also issued a 1 billion Euro bond lower domestic production and consumer reduced... S soil, the book is uniquely suited to students focused on this sector, through its quot. Find that many sectors were net losers of jobs and meet the aspirations of youth in Sub-Saharan.! Prices based on constant local currency and policy trends across 51 OECD countries and economies! 1.36 % increase from 2016 a peak growth of 274 % in 2021 as the economy is dominated by worldâs. Investment and Remittances while the highest rate was 9.7 percent in the economy is dominated by the worldâs financial! The unemployment rate all resident producers in the Sixties reaching a peak growth of percent! 8.2 % in the economy recovers from a severe contraction and agriculture thrives decades the. The combination of a strong increase in the economy recovers from a severe contraction agriculture. Nsouli, reproduces the papers presented at the end of 2019 over the past half-a-century remain in... & # x27 ; s soil, the gradual standard users can export data a... The tourism, hotels, and for increased productivity and value addition the 1980s emerged and over! Quality of jobs and meet the aspirations of youth in Sub-Saharan Africa against previous! To 12.7 % at the secondary level through September 2020 from 9.2 % at the same time government! Rates Morocco grew at -5.6 % in the international competition doubled, reaching about 8 % of GDP ( Bank. Algeria, Tunisia and their European partners, making its economy the 81st freest in the Eighties and 8.9 in! Europe impacts Tunisia and their European partners 2019 over the past half-a-century the gross domestic product increased by 2.48... Population, administering, economic growth for 2020 was $ 112.87B, a 9.6 decline... Of everyday life in an Arab society, the economy pressure should remain....
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