In 1999 the Moroccan government set up a loan fund to stimulate growth and competition among small businesses. Morocco must cover the bulk of its growing energy needs through imports, principally crude petroleum, which is refined domestically. Several cities in Morocco such as Casablanca, Fez, and Rabat also attract large numbers of tourists. For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19. Moroccos sandy beaches, sunshine, diverse environments, and rich cultural heritage give it outstanding potential for tourism, which the government has been actively developing. It issues the Moroccan dirham, maintains Moroccos foreign currency reserves, controls the credit supply, oversees the governments specialized lending organizations, and regulates the commercial banking industry. The increasing investments by global giants in the sector grew by 18% in 2017 compared to 2016. Government attempts to increase exports and control imports have had some success, and a chronic annual trade deficit has begun to narrow. The website of the Customs and Indirect Taxes Administration provides additional information (in French). According to the constitution promulgated in 2011, political power in Morocco is to be shared between the hereditary monarch and an elected bicameral parliament, consisting of the House of Councillors (Majlis al-Mustashrn; upper chamber) and the House of Representatives (Majlis al-Nawb; lower chamber). Morocco is a North African nation that occupies an area of about 274,460 square miles and was home to 35,740,000 people as of 2017. Morocco fills its own meat requirements and is also attempting to become self-sufficient in dairy products. One of the most significant challenges facing the industry is territorial disputes with the European nation of Spain over the extent of Morocco's territorial waters. By the 1990s Morocco had also significantly lowered its foreign debt. According to data from Office des Changes, in terms of product groups, exports were led by the automotive sector, ahead of agro-food and phosphate industries. Manufacturing accounts for about one-sixth of GDP and is steadily growing in importance in the economy. All travelers need to pay close attention to the conditions at their destination before traveling. S/2001/613: Framework-Agreement on the status of Western Sahara, Recent Security Council resolutions on Sahara, The Humanitarian Dimension of the Dispute over Sahara, Implementation of the Confidence Building Measures, Ministere de I'lndustrie, de I'lnvestissement, du Commerce et de I'Economie Numerique. Some areas in Morocco such as the Medina of Fez and the historic city of Meknes have been classified as UNESCO World Heritage Sites due to their historical significance. The activities of offshoring concern primarily the Business Process Outsourcing (BPO) which includes general administrative activities and functions, activities for management of client relationships and business-specific activities and the area of Information Technology Outsourcing (ITO), which includes infrastructure management, software development and software maintenance.,

Given the richness of Morocco's soil, the economy is dominated by the agricultural sector, which employs nearly 33.2% of the workforce and contributes to 11.7% of GDP (World Bank, latest data available).

mosque door entrance Low world prices for phosphates, however, have hindered production. Other minerals include iron ore and coal, mined for Moroccos domestic use, and barite, manganese, lead, and zinc, which are exported in small quantities. Decline of traditional government (18301912), International Confederation of Free Trade Unions. Apart from agriculture, other sectors that the government wanted to focus on included tourism and manufacturing. Morocco's tourism industry is one of the drivers of economic growth in the country. In recent years, the Moroccan economy has been characterised by macro-economic stability and low levels of inflation, relying mostly on exports, a boom in private investment and tourism. In a normal year Morocco produces two-thirds of the grains (chiefly wheat, barley, and corn [maize]) needed for domestic consumption. Morocco is becoming one of the worlds leading destinations especially in the French-speaking countries. The sector performed well in 2021: according to official sources, 2021 wheat production was estimated at almost 7.2 million tonnes, about 50% above the average and almost three times more than the drought stricken harvest in 2020; barley output in 2021 is estimated at 2.6 million tonnes, almost four times the amount harvested in the previous year; at 10 million tonnes, the 2021 cereal production exceeded the five year average by more than 60%. In 2017, Morocco was considered Africa's premier tourist destination because it attracted more than 10,300,000 visitors. Also of growing importance to the economy are modern sectors, particularly tourism and telecommunications. Morocco has a relatively small amount of mineral resources, phosphates being its main source of wealth. He holds absolute authority over religious affairs, the armed forces, and national security policy. Tourists also arrive from Algeria, the United States, and East Asia, mainly Japan. Morocco has some two dozen ports along its lengthy coastline. Insight cookiesThese cookies allow us to collect anonymous data about the use of the website, the number of visits, the duration of visit and other statistics, enabling us eventually to improve the content of this website. The Moroccan government has partnered with the World Bank to ensure job creation and improved living standards for the Moroccan people. Morocco was elected the best offshoring destination for the year 2012 by the European Outsourcing Association (EOA). The countrys economy rebounded in 2021 when it grew an estimated 5.7% thanks to a base effect and an extraordinary performance of the agricultural sector, rather than by a broad-based acceleration of economic activity (the service sector was still weak, pulled by the underperformance of Moroccos relatively large tourism industry). Major imports are semimanufactures and industrial equipment, crude oil, and food commodities. The Moroccan government has introduced policies to improve the nation's dairy sector and make the nation self-sufficient. Further information can be sought on the website of the Ministry of Health (in French and Arabic). On the other hand, equipment products accounted for 25.9% of imports, ahead of consumer products (23%) and semi-finished products (21.3%). Moroccos road network effectively integrates the countrys diverse regions.

The rate of poverty remains one of the highest in the Mediterranean region, with 15% of the population living under the poverty line. Barley, wheat, citrus fruits, grapes, vegetables, argan, olives, livestock and wine are the country's main crops. Most of Morocco's marine resources are located on the western coast in the Atlantic Ocean where the Canary Current flows. The fishing grounds in the Canary Current off Moroccos west coast are exceptionally rich in sardines, bonito, and tuna, but the country lacks the modern fleets and processing facilities to benefit fully from these marine resources. Privatization has stimulated activity on the Casablanca Stock Exchange (Bourse de Casablancafounded in 1929is one of the oldest exchanges in Africa), notably trade in shares of large former state-owned operations. While European countries are the main trading partners (65.8% of total trade), Morocco has also been strengthening its commercial integration with the rest of Africa, namely through the ratification of the African Continental Free Trade Area Agreement. For the up-to-date information on possible support plans for exporters in Morocco, if applicable, please consult the website of the Ministry of Economy and Finance (in French and Arabic) and that of the national Investment and Trade Agency. The government of Morocco has put in place several plans to ensure that the country experiences continuous economic growth. Eucalyptus also provides the raw material needed for the countrys paper and cellulose industries. Morocco is a constitutional monarchy with two legislative houses. This sector is leading the way in the MENA region as the best performer due to the Kingdoms strong production growth outlook, low labor costs, and favorable industry policy. As is true in many former African colonies, the Moroccan economy remains heavily dependent on the export of raw materials. It is spearheaded by real estate and tourism, which has been very dynamic in recent years (accounting for around 11% of GDP and hitting a record of nearly 13 million arrivals in 2019). Moroccos iron and steel manufacturing industry is small but provides a significant share of the countrys domestic needs. Between 2008 and 2016. the added value of the secondary sector increased by 2.5 % per year on average, which represents 28.9% on average of the total added value (TAV). Two particularly important components of the countrys industrial makeup are processing raw materials for export and manufacturing consumer goods for the domestic market. - Latest available data. We use cookies to make your connection secure and make statistics about the number of visits. Satellite dishes are found on the roofs of houses in even the poorest neighbourhoods, suggesting that Moroccans at every social and economic level have access to the global telecommunications network. Fertilizers, cars, enamelled or anodised wire were the main exports in 2020; whereas oil products accounted for the largest share of imports, followed by automobiles, wheat and meslin, gas, parts of motor vehicles, cable and wires.

Regularly updated information for all countries with regards to Covid-19 related travel restrictions in place including entry regulations, flight bans, test requirements and quarantine is available on TravelDoc Infopage.It is also highly recommended to consult COVID-19 Travel Regulations Map provided and updated on the daily basis by IATA.The US government website of Centers of Disease Control and Prevention provides COVID-19 Travel Recommendations by Destination.The UK Foreign travel advice also provides travelling abroad advice for all countries, including the latest information on coronavirus, safety and security, entry requirements and travel warnings. GDP is expected to return to its pre-pandemic level by 2022, with the IMF forecasting growth of 3.1% this year and 3.7% in 2023, albeit this baseline scenario is subject to high uncertainty especially due to the ongoing global sanitary crisis, which prompted the closure of the countrys borders at the end of 2021. support packages for families working in the informal sector affected by the epidemic (in Arabic). The new constitution expanded the powers of the parliament and the prime minister but left the king with broad authority over all branches of government. One of Morocco's most controversial agricultural products is hashish which is mainly exported to nations in Europe. It is one of the few Arab countries that has the potential to achieve self-sufficiency in food production. For the full list of economic and other international organisations in which participates Morocco click, The complete and up-to-date list of Free Trade Agreements signed by Morocco can be consulted, King: MOHAMED VI (since 30 July 1999) - hereditary. World Bank Established during the colonial period, the network has been well maintained and gradually expanded since. Moroccos largest trading partner is the EU. A prime minister heads the cabinet, which constitutes the executive. The country exports citrus fruits and early vegetables to the European market; its wine industry is developed, and production of commercial crops (cotton, sugarcane, sugar beets, and sunflowers) is expanding. See the country risk analysis provided by La Coface. Necessary cookiesThese cookies are needed for this website to work normally. In 2009, the Moroccan government unveiled plans to improve the fishing industry in the country to increase its contribution to the economy.