There is also the possibility that new insurance niches such as takaful (Islamic insurance) and microinsurance products will become part of the Moroccan market in the medium-term, but they are unlikely to appear in the near future. The REMINEX Corporation (Research on Mines and Exploitation) is the most prominent research performer in the private sector,[74] and is a subsidiary of Omnium Nord Africain, the largest privately owned mining group in Morocco. [84], The government plans to reorganise its subsidy system, which is a heavy burden on government finances. Morocco has become an attractive destination for European investors thanks to its relocation sites "Casashore" and "Rabatshore", and to the very rapid cost escalation in Eastern Europe.

– Art19", http://www.oxfordbusinessgroup.com/weekly01.asp?id=4675#english, http://www.allbusiness.com/africa/1035405-1.html, http://www.map.ma/eng/sections/economy/development_efforts/view, "Morocco among the top ten countries in offshoring sector – Magharebia", "Gartner Identifies Top 30 Countries for Offshore Services in 2008", "Gartner picks top 30 countries for offshore IT outsourcing", "ANIMA News : Morocco and Egypt enter the latest Gartner's offshore IT 'Top 30, http://www.oxfordbusinessgroup.com/weekly01.asp?id=4644#english, http://www.oxfordbusinessgroup.com/weekly01.asp?id=4661#english, "Spain Remains Morocco's Top Trade Partner in EU", "Moroccan government brings in plan to reduce trade imbalance – Magharebia", http://portal.unesco.org/education/en/files/55536/11998897825Morocco.pdf/Morocco.pdf, "Export Solutions | International Trade Administration", "Tanger Med Port Authority – GROUPE TANGER MED", http://www.iea.org/Textbase/npsum/morocco2014sum.pdf, "Morocco unveils $9 billion solar power scheme", "Germany to participate in Morocco's solar energy project", "WB to contribute to Morocco's solar energy project", Kingdom of Morocco—Country Strategy Paper 2003–2005, Description of benefits of the US-Moroccan FTA, Moroccan-American Trade and Investment Council, Maroc Entrepreneurs: Association dedicated to the Promotion of Entrepreneurship in Morocco, World Bank Summary Trade Statistics Morocco, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Morocco&oldid=980696856, World Trade Organization member economies, Articles with dead external links from January 2018, Articles with permanently dead external links, Articles needing additional references from July 2009, All articles needing additional references, Articles with unsourced statements from September 2019, Articles with unsourced statements from May 2009, All articles with vague or ambiguous time, Vague or ambiguous time from October 2014, Articles with unsourced statements from October 2014, Articles with unsourced statements from April 2012, Wikipedia articles in need of updating from October 2019, All Wikipedia articles in need of updating, Vague or ambiguous time from October 2019, Articles with dead external links from August 2019, Creative Commons Attribution-ShareAlike License, clothing and textiles, automobiles, aircraft parts, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish, Main lines in use: 3.28 million (2012) : estimation, Mobile cellular: 47.25 million [135% of the total population] (2015) : estimation, Internet users: 21.2 million [60.6% of the total population] (2014): estimation, Tariffs applied by Morocco as provided by ITC's, Officially the Republic of China, participates as ", This page was last edited on 27 September 2020, at 22:48. In an increasingly challenging global economic climate, the IMF expects continued nonagricultural expansion of the Moroccan economy. On the whole, the growth rate of the economy will not reduce the unemployment rate Morocco's primary economic challenge was to accelerate growth in order to reduce high levels of unemployment. [39], Agriculture employs about 40% of Morocco's workforce. Total assets of the banking sector increased by 21.6% to MAD 654.7 billion ($85.1 billion), which is above the previous year's high annual growth rate of 18.1%. Since 2012, the City has made it clear that it wants to invested in automobile industry by creating Tangier Automotive city. In 2005, the government-in-exile of the Western Sahara invited foreign companies to bid on 12 contracts for offshore exploration, with hopes of awarding production sharing contracts by the end of 2005. The plan provides for creating six coastal resorts for holiday-home owners and tourists: five on the Atlantic coast and one on the Mediterranean. Authorities are promoting better water rationalisation in agriculture, which uses 80% of water resources,[50] by replacing existing irrigation systems with micro- irrigation and drip networks. [30] Drought conditions depressed activity in the key agricultural sector, and contributed to an economic slowdown in 1999. However, keeping with the global trend, FDI dropped 29% to €2.4 billion in 2008,[62] the first decline since 2004. The structure of the domestic sector has remained steady in the past two years, with the landscape dominated by three major local banks. Lear Corporation, The American group, with 11 plants in the country is the leading automotive supplier, followed by Yazaki, Sumitomo, and Leoni and many others such as Denso, Kromberg & Schubert, Takata, Furukawa, Fujikura, TE connectivity, Valeo, Faurecia, Daedong System, Hirschmann, Delphi, Magnetti Marelli, COMSAEMTE, Parker, Clarton Horn, Deltrian, Inergy Automotive System, Varroc Lighting System, JTKET, Processos industriales Del Sur… In the medium term, the goal is to attract nearly 50 other industrialists. The principal switching centers are Casablanca and Rabat.

Moreover, with Spanish construction firms facing much harder times, Morocco may soon face the additional challenge of workers returning from across the Gibraltar Straits, potentially putting further pressure on the authorities to create jobs. The service started as a test in November 2002 before it was launched in October 2003. Culturally significant in terms of entertainment, California Do Not Sell My Personal Information Request.

Economic growth will also be intermittently hindered by the impact of periodic droughts on the rain-fed agricultural sector, the country's largest employer. In June 2019, Morocco signed two agreements to obtain a loan worth $237 million from the Arab Fund for Economic and Social Development. [48] The Kingdom is considered the largest fish market in Africa, with an estimated total catch of 1,084,638 MT in 2001. In this regard, it has been deemed an important decision of the Moroccan government to accelerate training in the required disciplines. Morocco is known for its cuisine, which is admired and imitated throughout the world. For a long time the industry has been an economic pillar for the country. The tender process in Morocco is becoming increasingly transparent.

It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Morocco is dependent on imported fuel and its food import requirement can rise substantially in drought years, as in 2007. The construction and real estate sectors are also a part of the investment boom in the country. Solar power and nuclear energy are also part of the strategy, but development of the former has been slow and there has been minimal progress on the latter, aside from an announcement of collaboration with France in 2007. In a bid to promote foreign investments, Morocco in 2007 adopted a series of measures and legal provisions to simplify procedures and secure appropriate conditions for projects launching and completing. Current GDP per capita grew 47% in the Sixties reaching a peak growth of 274% in the Seventies.

Morocco also produces a significant amount of illicit hashish, much of which is shipped to Western Europe. The Moroccan government has pursued privatization and economic reform since the 1980s. The production of the plants reached 402’000 vehicles in 2018. [50], While Morocco is already a model of water management in the MENA region, upgrades to its water system under the National Wastewater Management Programme should further improve wastewater treatment and maximise efficient water usage.