[69], In recent years,[when?] [74] Although other studies have shown much higher figures. In the European market, the share of Chinese products was 37.7% in 2007. For purchasing power parity comparisons, the U.S. Dollar is exchanged at over 8 Dirhams. At end-2007 public capital still held controlling stakes in five banks and four financing companies. It also employs about 39,000 people with an estimated MAD 571 million in salaries (2005). Morocco signed in 1996 an agreement of association with the European Union which came into effect in 2000. In the late 1980s and early '90s the government undertook a major expansion and modernization of the telecommunications system. Mean wages were $2.88 per man-hour in 2009. [25], Morocco is a fairly stable economy with continuous growth over the past half-century. In 1st class, each passenger has a reserved assigned seat. It also aims to create some 600,000 new jobs. Morocco produces a number of minerals and metals, most importantly, phosphates, silver and lead. In the rainy sections of the northeast, barley, wheat, and other cereals can be raised without irrigation. The major resources of the Moroccan economy are agriculture, phosphate minerals, and tourism. The rapid emergence of a middle class – around 30% of the population – combined with a young and increasingly urban population and a craving for international brands, is rapidly changing the ways Moroccans spend their money. Meanwhile, government infrastructure projects, as well as heavy private investment in real estate and tourism helped boost the construction sector, which created 80,000 new jobs in the second quarter of 2008. The sector is set to be opened up to foreign competition from 2010 onward, and the consolidation of insurance companies into larger entities should strengthen the local players to better compete with eventual competition from foreign insurers. The Moroccan Office of Hydrocarbons and Mining (ONHYM) has become optimistic about finding additional reserves—particularly offshore—following discoveries in neighboring Mauritania. It is also a major participant in the car and truck assembly industry and in tire manufacturing. The sector also attracts high levels of FDI and authorities have announced initiatives to improve the investment climate, with particular attention to off-shoring activities, automotive, aeronautics, electronics, food processing activities, products from the sea and textiles. The "Plan Azur", is a large-scale project initiated by king Mohammed VI, is meant to internationalise Morocco. 2007 data indicate that 17.6% of those in the 15–24 age group are unemployed. It is expected to create more than 40,000 jobs and stimulate over €4.5 billion in investment by 2020. Media related to Rail transport in Morocco at Wikimedia Commons, The Moroccan railway network in 2018 (Northern half of the country’s map), "Réseau ferroviaire : le Maroc accélère ! The country has to import 96% of its energy requirements and the national oil bill for the first quarter of 2008 was $1.1 billion—69% higher than for the same period in 2007. Moreover, the automotive sector has the strongest job creation; 85’000 new jobs were created in the sector between 2014 and 2018, bringing the total jobs in the sector to 158’000.[52]. significantly, also taking account of the constant rise in the number of first entrants on the [70], Morocco was granted an "advanced status" from the EU in 2008,[51] shoring up bilateral trade relations with Europe. Following the example of Renault, they could take advantage of the skilled work pool that has been created and a network of more than 200 automotive suppliers. On 26 November 2018, the first high-speed rail line linking Casablanca and Tangier was launched. In 2007 the economic environment remained conducive to further growth of banking activity in Morocco following a very good year for the sector in 2006. Below is an SVG map of the world. Overall the contribution of industrial activity to GDP fluctuates between about 25% and 35% every year, depending on the performance of the agriculture sector. This represented 10% of the total area and 23% of the arable lands of the surveyed territory and 1% of Morocco's total arable land. The following routes offer night-trains: These long-distance trains operate with non-motorized passenger cars that have individual compartments. The plan called for a growth rate of 6.2%, but by 1964 the growth rate had only reached only 3%. Many believe, however, that the process of economic reform must be accelerated in order to reduce urban unemployment below the current rates above 20%. The real income of the population registered, during the last 10 years, an annual increase of 2.5%, taking into consideration the fluctuations relating the climatic conditions, which mainly affect the most vulnerable populations and their living standards. Among the various free trade agreements that Morocco has ratified with its principal economic partners, are The Euro-Mediterranean free trade area agreement with the European Union with the objective of integrating the European Free Trade Association at the horizons of 2012; the Agadir Agreement, signed with Egypt, Jordan, and Tunisia, within the framework of the installation of the Greater Arab Free Trade Area; the US-Morocco Free Trade Agreement with United States which came into force on 1 January 2006, and lately[when?] In the short term, national consumption per capita is expected to rise from the current level of 0.4 tonnes of oil equivalent (toe) to as much as 0.90 toe in 2030, a good indication of development, but a massive challenge as well. [10] Morocco has a lower rate than its Maghreb neighbours—Tunisia has a rate of around 13.9%, and in Algeria it is around 12.3%—but the issue is still a pressing one, both for economic and for social reasons. Free World SVG Map | Resources. United States Vector Map Outline States/Provinces Formats: AI, EPS, PDF, SVG, JPG, PNG Archive size: 3.9MB. [76] Nine universities and colleges offer degrees in basic and applied sciences. Evidently, this trend of falling unemployment rates is a positive one. Also a (passenger) rail connection between Tangier and Tangier MED, the port on the Mediterranean near Tangier, will give passengers arriving by ferry a connection to the main lines. Yet over 90% of subscribers have a broadband ADSL connection, which is one of the highest ratios in the world. Northbound: Marrakech (21:00), Casablanca Voyageurs (0:45), Rabat-Ville (1:57), Kentira (2:37), Sidi-Kacem (3:33), Tangier (7:25). The future of the Moroccan IT sector was laid out in Maroc 2006–12. According to this report, Morocco had 17 390 research staff in 2002–2003. labour market. Morocco has reduced its dependence on phosphate exports, emerging as an exporter of manufactured and agricultural products, and as a growing tourism destination. The government hopes that adding more local content to the internet will increase usage. [51], In 2009 Morocco was ranked among the top thirty countries[56][57][58][59] in the offshoring sector. The national railway-operator ONCF is working on several projects. Organised retail, however, represents only a fraction of domestic trade, as shoppers rely on the country's 1151 souks, markets and approximately 700,000 independent groceries and shops. Despite criticism among exporters that the dirham has become badly overvalued, the current account deficit remains modest. The IT sector generated a turnover of Dh7 billion ($910,000m) in 2007, which represented an 11% increase compared to 2006. The plan's principal priority was to create some 900,000 new jobs and to train managers and workers in modern agricultural and industrial techniques. Key agricultural products include fruits and vegetables (grown in the few oases); camels, sheep, goats (kept by nomads.) It was initially developed during the protectorate. Morocco is also a source of foreign investments. [84] Funding would be from a mix of private and state capital. The economy, however, remained overly dependent on the agricultural sector. According to the Global Competitiveness Report of 2019, Morocco Ranked 32nd in the world in terms of Roads, 16th in Sea, 45th in Air and 64th in Railways. Since 1993, Morocco has followed a policy of privatization of certain economic sectors which used to be in the hands of the government. Create a stunning interactive maps with simple-to-use user interface. In this regard, it has been deemed an important decision of the Moroccan government to accelerate training in the required disciplines. There have also been efforts to add more computers to schools and universities. In a normal year, Morocco produces two-thirds of the grains (chiefly wheat, barley, and corn [maize]) needed for domestic consumption. Industrial activity recorded a 5.5% increase in 2007, a slight rise over 2006, when the sector grew by 4.7%. Thus, Morocco achieved an 11% rise in tourism in the first five months of 2008 compared with the same period last year, it said, adding that French visitors topped the list with 927,000 followed by Spaniards (587,000) and Britons (141,000). To meet the growing domestic demand, the Moroccan government invested more than $15 billion from 2010 to 2015 in upgrading its basic infrastructure.[79]. Hotel train service timetable: Timetable[9] for this section: 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. Tough government reforms and steady yearly growth in the region of 4–5% from 2000 to 2007, including 4.9% year-on-year growth in 2003–2007 the Moroccan economy is much more robust than just a few years ago. Although Morocco's economy grew in the early 2000s, it was not enough to significantly reduce poverty. In 2005, Morocco produced 27.254 million tons of phosphates and 5.895 million tons of phosphate derivatives.[2]. Recent activity in Western Sahara, which is believed to contain viable hydrocarbon reserves, has been controversial. Northbound: Oudja 21:00, Taorirt (22:43), Fez (3:00), Kentira (4:30), Rabat (6:15), Casablanca-Voyageurs (7:15) The future of Morocco's industrial segment looks bright, particularly as new initiatives make it more globally competitive in a variety of sectors.[51]. Each compartment has its own door to the aisle and curtains can be drawn to keep the compartment dark. The first of its kind on the African continent, the line was inaugurated on 15 November 2018, by King Mohammed VI of Morocco following over a decade of planning and construction. In the Arab world, Morocco has the second-largest non-oil GDP, behind Egypt, as of 2017. Food processing for export (canning fish, fresh vegetables, and fruit) as well as for domestic needs (flour milling and sugar refining) is also important, and the manufacture of textiles and clothes using domestically produced cotton and wool is a major source of foreign exchange. Save it as image or JavaScript code for easy publishing on your own website. [51], The telecoms sector increased in value from Dh25.6 billion ($3.3 billion) in 2006 to Dh33.3 billion ($4.2 billion) in 2007. The government introduced a number of important economic reforms in that period. [50], The Moroccan industrial sector looks set to continue the strong growth it has enjoyed in recent years. Inflation in 2000 and 2001 were below 2%. Morocco remains the preferred destination of foreign investors in the Maghreb region (Algeria, Libya, Mauritania, Morocco and Tunisia), with a total of $13.6 billion between 2001 and 2007, which puts it largely on the top of the list. This process started with the sale of a second GSM license in 1999. Morocco is actively developing its irrigation potential that ultimately will irrigate more than 2.5 million acres (1 million hectares). Government efforts are underway to encourage Moroccans living abroad to increase their investments at home, and to allay concerns about bureaucracy and corruption. In first-class cars each compartment offers 2 × 3 places and foldable arm-rests divides the places. Its wine industry is developed, and the production of commercial crops (cotton, sugarcane, sugar beets, and sunflowers) is expanding. In addition to the rise in sales of photovoltaic panels, the business of wind turbines is also surging despite soaring prices on international markets because of the growing demand. The insurance sector in Morocco is witnessing dynamic growth, driven foremost by developments in life insurance, which has superseded motor insurance in the past two years as the leading segment of the market with around one-third of total premiums. She’s a strong, charismatic character with a fun sense of humor. Northbound: 21:00 Oujia-Casablanca Morocco may be affected, by the slowdown of international economy, stirred by the global financial crisis, and whose maximum impact on national economy could decrease the GDP growth rate by at least one point in 2009, according to the Bank Al-Maghrib[33]. Meanwhile, foreign ownership in the local financial sector continues to grow, with foreign institutions controlling five banks and eight financing companies as well as holding significant stakes in four banks and three financing companies. Growth in 2006 went above 9%, this was achieved by a booming real estate market. Cereals constitute the essential of the agricultural value added and their production is very sensitive to rain falls. The government introduced a series of structural reforms in recent years. [3] Al-Boraq trains are scheduled to depart Casablanca and Tangier every hour from 06:00 until 21:00 (from 07:00 on Sundays). Morocco instituted a series of development plans to modernize the economy and increase production during the 1960s. At the same time the board called upon the international community to support its efforts where possible. Since then the emphasis has shifted to privatizing state operations and attracting new private investment, including foreign sources. The government in 2003 was using revenue from privatizations to finance increased spending. Foreign Trade Minister Abdellatif Maâzouz said earlier in September that members of the government have agreed to a plan focused on four major areas: a concerted export development strategy, the regulation of imports, market and economic monitoring, and the adaptation of regulations and working practices. The REMINEX Corporation (Research on Mines and Exploitation) is the most prominent research performer in the private sector,[75] and is a subsidiary of Omnium Nord Africain, the largest privately owned mining group in Morocco. International economic experts recognize that Morocco's exemplary economic performance is beneficial not only to Moroccans, but also for the nearly 90 million people who live the Maghreb. The main network for passenger-transport consists of a North–South link from Tangier via Rabat and Casablanca to Marrakech and the East–West connection linking Oujda in the East via Fes to Rabat. [citation needed], The mining sector is one of the pillars of Morocco's economy. From 2018,[23] the country's currency, the dirham, is fully convertible for current account transactions; reforms of the financial sector have been implemented; and state enterprises are being privatized. As the train does not go to Taourirt, there is no need to change driving-direction and thus no need to move the engine. The plan also includes other large-scale development projects such as upgrading regional airports to attract budget airlines, and building new train and road links. Morocco is a participant in Medarabtel and a fiber-optic cable links from Agadir to Algeria and Tunisia. The franchising segment will continue to grow, and while strong local brands are emerging, international brand names will continue to account for the biggest percentage increase in the sector's turnover. [49] The Kingdom is considered the largest fish market in Africa, with an estimated total catch of 1,084,638 MT in 2001. In these conditions and taking into consideration a cereal campaign nearing 70 million quintals, the agricultural value added could increase by 22.2% in the first quarter of 2009, thus contributing 2.9% to the national economic growth.[36][37]. The share of Morocco fell to 3%. In terms of sectors, tourism has the biggest share of investment with $1.55 billion, that is 33% of the total FDIs, followed by the real estate sector and the industrial sector, with respectively $930 million and $374 million. This gives Morocco the best infrastructure rankings in the African continent. Canada Svg Bundle, Canadian Provinces Svg, Map Outline Svg, Map Svg, Canada Svg, Svg Files for Cricut NovoGraphics. The European Union is Morocco's top client as regards textile and clothing, with France importing 46% of hosiery, 28.5% of basic textile and 27.6% of ready-to-wear clothing from Morocco, managing director of the Moroccan Export Development Center underlined. Despite these challenges, Morocco is working to conserve and protect its environment and its efforts were recognised when its Mohammed VI Foundation for Environment won the environmental prize National Energy Globe Award in Brussels in 2007. At the same time, the relatively high level of public debt remains a constraining factor, particularly as heightened attractiveness to investors is a key component of Morocco's strategy of deepening its integration in the global economy. The government also needs to promote water conservation and efficiency in order to prevent further scarcity. Under a ten-year plan for the protection of natural resources, 40,000 to 50,000 ha of forests are replanted annually with indigenous palm trees. In 1998 the government created Maroc Telecom (Ittiṣālāt al-Maghrib), which provides telephone, cellular, and Internet service for the country. The loan was taken to fund two investment projects.[38]. A library of free SVG maps (MIT-licensed) that are web optimized. The potential for expansion is huge, and while telecoms should remain the largest advertising segment, fast-growing sectors of the economy such as retail, automobile and real estate are providing advertising companies with new opportunities. DOWNLOAD; DOWNLOAD; arabic islamic vector vectors. Morocco's sound economic management in recent years has yielded strong growth and investment grade status and it is weathering the negative impacts of the global crisis impressively well. – 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=1003448705, World Trade Organization member economies, Articles with dead external links from January 2018, Articles with permanently dead external links, Short description is different from Wikidata, 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 29 January 2021, at 01:18.

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