Morocco Economic Forecast
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During the early 1990s, new economic policies helped to stabilize Morocco’s economy. However, the policies also caused a decline in employment, and failed to achieve desired growth targets.
Even so, Morocco’s government worked towards diversify the economy. In 2007, Morocco experienced a serious drought and felt the effects of the worldwide financial crisis by 2008.
The agriculture sector during this period was devastated, as the price of imports increased.
During the early 1990s, new economic policies helped to stabilize Morocco’s economy. However, the policies also caused a decline in employment, and failed to achieve desired growth targets.
Even so, Morocco’s government worked towards diversify the economy. In 2007, Morocco experienced a serious drought and felt the effects of the worldwide financial crisis by 2008.
The agriculture sector during this period was devastated, as the price of imports increased.
Spurred by the National Initiative for Human Development, Morocco’s government set out to improve unemployment levels, reduce poverty, and providing its population higher standards of living.
More recently, new and revitalized efforts are taking place to turn Morocco into a free market to attract international investors. Other ongoing initiatives include membership to the Association Agreement with the European Union and the Free Trade Agreement with the United States.
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Morocco GDP Forecast
Morocco enjoys a diversified market that has developed strong service and industrial sectors. Even the once devastated agricultural sector has been rebuilt with better climate conditions and rainfall. In 2008 during the financial crisis, Morocco’s GDP was US$ 88.88 billion.
In 2010 Morocco’s GDP was US$ 91.702 billion, growing 4 percent and is expected to grow 6.86 percent to US$ 96.326 billion in 2011. Forecasts for 2015 predict Morocco’s GDP to reach US$ 125.651 billion, growing about 7 percent per year between 2010 and 2015.
Morocco Unemployment Forecast
Morocco’s population in 2010 was 31.972 million, and its expected to grow to 33.353 million by 2015. Current (2010) unemployment in Morocco was 9.6 percent, down from almost 12 percent in 2005, and is expected to go down to 9.1 percent in 2011 and remain constant at that figure until 2015.
The labor force is 11.5 million, working primarily in agriculture, industry, and service sectors. Morocco still has a high number of illiterate people with low educational enrollment and therefore contributing to high unemployment.
Morocco Inflation Rate & Current Account Balance Forecast
Morocco’s inflation rate in 2010 was 1.5 percent, increasing 46.67 percent from the previous year. In 2011, inflation is expected to rise again to 2.2 percent and remain constant at that figure until 2015.
Morocco’s current account balance in 2010 was US$ -4.86 billion decreasing 2.28 percent from the previous year and is expected to decrease 8.06 percent to US$ -4.749 billion in 2011. Forecasts for 2015 predict current account balance to reduce to US$ -2.317 billion in 2015.
