ECONOMY OF MOROCCO

This paper reviews the development the economy of Morocco from 1984 through 2003. The review covers economic strategy, economic structure, and economic performance.

Morocco, with a population approximating 30 million persons, is a developing country in relation to its economy ("The Country and People of Morocco", 2004). Morocco faces the problems typical of developing countries ù restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable economic growth. Over the past 20 years, the government of Morocco has pursued economic programs designed to attain these objectives (Nsouli, & Fisher, 2004).

The structural reform strategy has led to substantial reduction in the country's external debt. Current reform plans include reductions in the civil service with an objective of reducing total government debt. Government spending was the equivalent (approximately) of 25.5 percent of gross domestic product (GDP) in 2003 (Nsouli, & Fisher, 2004).

Morocco also has created free trade zones from which manufactured good may be exported to the European Union tax-free. Capital investment on industrial equipment and infrastructure (largely associated with the free trade zones) increased eight-percent in 2003 and is on-tract for a 10 percent increase in 2004 (Badcock, 2004).

Phosphate reserves in Morocco are estimated at 110 billion tons,

. . .
ect. Two additional generating facilities to provide 500 megawatts are in the planning stage (Organization for Economic Cooperation and Development, 2004). The government of Morocco also unveiled a US$3.4 billion energy development plan in early 2004 to provide electricity to 80 percent of the country's rural population by 2008. The energy plan also provides for an increasing share of renewable energy sources that will reach 10 percent by 2011. The renewable energy sources include wind power and thermal power generating facilities (Organization for Economic Cooperation and Development, 2004). Structure Agricultural production continues to be a major contributor to Morocco's economic output. Typically, Morocco cereal production (wheat, barley, and corn) equates to approximately two-thirds of the country's cereal demand. Morocco also produces other crops for both domestic consumption and for export to other countries. These additional agricultural crops include the following: grapes, fruit, olives, vegetables, oranges, dates, tea, tobacco, soybeans, cotton, sugar beets, and sunflowers. Agriculture accounts for 43 percent of Morocco's employment and almost 20 percent of the country's GDP (Datamonitor, 2004). Beginning 1997
. . .

Some common words found in the essay are:
Cooperation Development, Nsouli Fisher, European Union, Union Morocco, Typically Morocco, GDP US$3900, GDP Phosphates, According January, People Morocco, Performance Inflation, fisher 2004, nsouli fisher, nsouli fisher 2004, government morocco, economic cooperation development, economic cooperation, organization economic, 20 percent, cooperation development, development 2004, organization economic cooperation, datamonitor 2004, cooperation development 2004, external debt, accessed internet 2004-10-31,
Approximate Word count = 1425
Approximate Pages = 6 (250 words per page)

More Essays on ECONOMY OF MOROCCO