Cover of The Report: Morocco 2020

The Report: Morocco 2020

Morocco’s economy is poised to continue along its trajectory of economic growth, but GDP expansion rates will depend on the policy choices made by the government. Although estimates by the IMF project that annual growth rates will reach 4.5% in 2024, there is still the matter of ensuring that GDP growth translates into improving conditions across all segments of the population.

Morocco is often described as the gateway to Africa, an apt description given its proximity to Europe and its geographic location at the north-eastern tip of the continent. At its narrowest, the Strait of Gibraltar separates Point Cires in Morocco from Point Marroquí in Spain by 13 km. The country is neighboured by Algeria to the east and Mauritania to the south. 

At home, Morocco has identified the reduction of social inequality as a key priority, setting in motion a series of reforms and transferring critical development funds to less-developed regions. Abroad, Morocco’s foreign policy objectives focus on spearheading intra-African cooperation and positioning itself at the centre of Europe-Africa relations. Gains were made on all these fronts in 2019, supported by growing GDP that reached $118.5bn in 2018. 

However, vulnerabilities remain in the form of a large agriculture sector dependent on weather and commodity prices, as well as a substantial energy import bill whose size is dictated by international oil and gas prices.

 

Watch our video interview with Moulay Hafid Elalamy

 

OBG & Morocco

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