Since King Mohammed VI ascended to the throne in 1999, Morocco’s economy has seen steady growth, falling unemployment, improved access to education and health services, and low inflation. Under the King’s leadership, Morocco has implemented several significant economic development strategies and massive infrastructure projects to improve Morocco’s competitiveness both regionally and globally. Additionally, to boost exports, Morocco entered into a bilateral Free Trade Agreement with the United States that came into force in 2006 and an Advanced Status agreement with the European Union in 2008, which was given enhanced status in 2013.
Tanger-Med, one of the largest ports on the Mediterranean and in Africa, is an example of Morocco’s push for infrastructure and economic revitalization. The deepwater port includes a commercial and industrial free-trade zone, cementing Northern Morocco as an important logistics route connecting Asia, Europe, and the Americas. The project has had a significant impact on the local economy, creating an estimated 140,000 jobs and improving the competitiveness of Moroccan businesses through improved access to foreign markets.
Morocco is also a regional leader in technology adoption. Morocco has set a goal of expanding its renewable energy capacity to 42% of total electricity output by 2020, and according to the CIA World Factbook, Morocco ranks 29 and 31 globally in terms of Internet access and mobile phone ownership rates, respectively.
$174 billion (2012)
Tourism, energy, construction, textiles, food processing, phosphate rock mining and processing
Clothing and textiles, electric components, inorganic chemicals, crude minerals, fertilizers, petroleum products, citrus fruits, vegetables, fish
Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics