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Economy - overview:
Morocco faces problems typical for developing countries: restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable growth. Despite structural adjustment programs supported by the IMF, the World Bank, and the Paris Club, the dirham is only fully convertible for current account transactions. In 2004 Moroccan authorities instituted measures to boost foreign direct investment and trade by signing a free trade agreement with the US and selling government shares in the state telecommunications company and in the largest state-owned bank. Favorable rainfall over the past two years has boosted agricultural output and GDP growth passed 4% in 2004. In 2005 GDP growth slipped to 1.8% and the budget deficit rose sharply - to 7.5% of GDP - because of substantial increases in wages and oil subsidies. Long-term challenges include preparing the economy for freer trade with the US and European Union, improving education and job prospects for Morocco's youth, and raising living standards. |
Trade Fairs,
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