Morocco Economy Overview

Morocco Economy Overview

Morocco’s economy is 57.4 percent free, according to our 2007 assessment, which makes it the world’s 96th freest economy. Its overall score is 4.4 percentage points higher than last year, partially reflecting new methodological detail. Morocco is ranked 11th out of 17 countries in the Middle East/North Africa region, and its overall score is slightly higher than the regional average.
However Morocco faces the problems typical of developing countries—restraining government spending, reducing constraints on private activity and foreign trade, and keeping inflation within manageable bounds. Since the early 1980s the government has pursued an economic program toward these objectives with the support of the IMF, the World Bank, and the Paris Club of creditors. The dirham is now fully convertible for current account transactions; reforms of the financial sector have been implemented; and state enterprises are slowly being privatized.

In general, Morocco has low prices except from imported goods, cheap labor, an excellent infrastructure, growing sector of Morocco property, and there is medium efficiency in bureaucracy in Morocco. But Moroccan economy is still weak in figures like GNP/capita, but the brutal differences between haves and have-nots make this figure very misleading. Many are very, very poor, but things are not getting worse for the poor, and indications are that the development will make their lives easier and better too.

Tourism industry helps to develop Morocco economy a lot. Many tourists visit this magic country and enjoy traveling to big cities in Morocco. On of these cities is Casablanca – „Principal city in Morocco and capital in all but administration“ Casablanca is now the largest port of the Maghreb busier even than Marseille and offering various types of Casablanca property, the city which was modeled by the French. A visit of Casablanca city should include, the central market, the Habous district, the Royal Palace, the Mohamed V square, the residential area of Anfa and the full tour of the famous Hassan II Mosque.
You will notice that after visiting Morocco and the other popular city Marrakech, which is one of the world’s most fascinating, sensuous and culturally rich cities. During your holiday in Marrakech you will glimpse ancient Morocco, as you lose yourself in the medina’s labyrinthine streets and alleyways, and shop for jewelers, cosmetics, spices, slippers and leather goods in Morocco‘s largest souk. You will watch sorcerers, fire-eaters, snake charmers and musicians in world famous Djemaa el Fna – Marrakech’s central square – which is believed to be the busiest in all Africa. Known as the ‘Red City‘ because of the deep red local clay used to build the original houses and walls, Marrakech has existed for over a thousand years. All this beauties course growing demand for Marrakech property, which you can find easily in this city.
We can conclude that Morocco economy is experiencing stable growth and it’s important to mention that Morocco property market is also growing at a fast, yet sustainable pace. With the low cost of living it is possible to experience a luxury lifestyle at relatively small expense and there are no restrictions on foreigner ownership of property in Morocco. Capital growth over the past three years has been in the region of 15 – 30% per annum.



Source by Jenny Holmes