Morocco+Economics

** Economics in Morocco **
 * History || Geography || Culture || Economics || Politics || Class Activities || Resources ||

Morocco is known for its diverse, open, and market-oriented economy. Since King Mohammad VI took over the thrown in 1999, the Moroccan economy has been relatively stable. Today, the economy is viewed in good condition with steady growth, low inflation, and declining government debt. Being closely connected with the European Union, Moroccans are provided factory type jobs, receiving low labor costs. The key sectors of the economy include agriculture, tourism, phosphates, textiles, apparel, and other subcomponents. These sectors within the Moroccan economy help the economy to flourish and remain in relatively good condition. Along with many other developing countries, Morocco faces typical problems within their economy, such as restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable economic growth. The agriculture within Morocco plays an important role in the growth and despair of the Moroccan economy. The drought season greatly affects the economy, causing many economic slow downs, such as the economic slowdown in 1999. The drought season depresses the flourishing economy of Morocco and many times causes slight economic scares. The long term challenges within the Moroccan economy are marked by servicing the external debt, preparing the economy for free trade with the European Union, and improving the educational and living standards for Morocco's youth population. Although the economy has made much progress, it is still challenged everyday by high unemployment rates and poverty. Most recently, the economy was depressed by high food and fuel prices which strained the governments budget and widened the country's current debt.

GDP= Gross Domestic Product Morocco's current GDP, as of 2011, is $163 billion in US dollars. This means, in all, the country has an overall worth of $163 billion dollars. As of 2011, the GDP growth rate is at 4.6%.



Moroccan Currency: The currency used in Morocco is the Moroccan Dirham, often abbreviated as Dh. In the United States, $1.00 is equal to 8.58 Dh. By law, individuals are not allowed to import or export Moroccan Dirhams. Foreign currency must be exchanged at the Bureau de Change.

Unemployment and Poverty: The unemployment rate is something that greatly depresses the Moroccan economy. Currently, the unemployment rate is relatively high at 9.2% of the population being defined as unemployed. Poverty also continues to depress the economy within Morocco. About 15% of the population of Morocco lives at or below the poverty line.

Imports and Exports: Morocco's economy flourishes in the trading of import and export goods with other countries. Currently, the imports account for $39.42 billion in growth of the economy. Imports include: crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics Import partners: France 16.9%, Spain 14.2%, China 7.9%, US 6.2%, Saudi Arabia 6.1%, Italy 5.9%, Germany 5.4% (2010) Currently, the exports account for $20.52 billion in growth of the economy. Exports include: clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish Export partners: Spain 19.7%, France 17.8%, India 5.8%, US 4.2%, Brazil 4.1% (2010)

Resources: http://www.timeforkids.com/destination/morocco https://www.cia.gov/library/publications/the-world-factbook/geos/mo.html http://www.moroccoembassybangkok.org/economic_overview.html