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Nature Of Morocco's Economy Essay

2003 words - 9 pages

1. Nature (features) of Morocco’s economy
Morocco, a nation in the Northern part of Africa bordering the North Atlantic Ocean and the Mediterranean Sea, has demonstrated improvements in their economic landscape in recent years. The nation’s gross domestic product for the year ending 2013 was $180 Billion (reported in USD), representing an increase of $7.8 billion from 2012 and placing them 60th amongst the world’s nations (Central Intelligence Agency, 2014, Economy). The gross domestic product is the value of all final goods and services produced within a nation in a given year (Central Intelligence Agency, 2014, References & Definitions). These figures prove that Morocco has increased their output from 2012 to 2013, therefore reinforcing the fact that the nation’s economy has shown signs of growth. In 2012 alone, the Moroccan economy grew 3.2%, driven mainly by internal consumption and public investment (African Development Bank Group, 2014, para.1). Funding the economy and its growth remains a challenge, however, the government has already began to seek ways to increase investment within the nation and develop strong relationships with other nations.
The Moroccan economy is considered a market-oriented economy, where the economy operates by voluntary exchange between members of the market without being controlled by a central authority (Central Intelligence Agency, 2014, Economy, para.1). With the nation’s proximity to Europe and the Middle East, they have been able to capitalize and use the low labor costs to build an open market. Since the economy operates as an open market, foreign investors can leverage the economic landscape to establish a presence rather easily. Morocco has a government-mandated minimum wage, which is 10.14 Moroccan Dirhams per hour (Minimum-Wage, 2014, para.1). 10.14 Moroccan Dirhams equates to $1.247 USD.
In the July 2014 estimate for Morocco, the population totaled 32,987,206 people, categorizing the nation as the 39th most populated in the world (Central Intelligence Agency, 2014, People and Society). Out of this large population, an astonishing 15% live below the poverty line (Central Intelligence Agency, 2014, Economy). The labor force is comprised of 11.73 million people, ranking Morocco 46th in the world, while the unemployment rate sits at 9.5% (Central Intelligence Agency, 2014, Economy). The labor force is broken down into a series of predominant sectors. 44.6% of the population works in agriculture, 19.8% work in industries and 35.5% work in services (Central Intelligence Agency, 2014, Economy). In order for the Moroccan economy to grow, the unemployment rate must fall. When the employment rate rises, people have larger sums of disposable income, which can then be reinvested back into the economy, creating an increase in the circulation of the Moroccan Dirham.
The establishment of various trade agreements with other nations will help contribute to Morocco’s economic development as business activity and trade...

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