After having performed comparatively well in 2004, the Moroccan economy suffered a setback in 2005 with real GDP growth estimated at 2.1 per cent. However, a recovery to 5.3 per cent is expected in 2006. In 2005, inflation was contained at 2.1 per cent and national unemployment reduced to 10.9 per cent. Public debt reached 75 per cent of GDP, down from 76.7 per cent in 2004, while foreign debt decreased to 25 per cent of GDP. Finally, the budget deficit increased to 4.5 per cent of GDP in 2005, but is expected to decline to 3.2 per cent of GDP in 2006.
Après de relativement bonnes performances en 2004, l’économie marocaine a marqué le pas, avec des estimations tablant sur un taux de croissance du PIB réel de 2.1 pour cent en 2005. La reprise est cependant espérée en 2006 à un taux de 5.3 pour cent. L’inflation s’est maintenue à 2.1 pour cent en 2005 et le chômage a reculé pour s’établir à 10.9 pour cent. La dette publique est ressortie à 75 pour cent du PIB, contre 76.7 pour cent en 2004, alors que la dette extérieure était ramenée à 25 pour cent du PIB. Enfin, le déficit budgétaire s’est creusé, atteignant 4.5 pour cent du PIB en 2005 – mais une amélioration est attendue en 2006, à 3.2 pour cent du PIB.
A country’s corporate governance framework includes institutions, rules and mechanisms set up to govern relationships between those who manage companies (insiders) and those who invest in those companies.
THE MOROCCAN ECONOMY PERFORMED well overall in 2003 and should continue to show growth rates of over 3 per cent in the coming years. The 2003 growth rate of 5.5 per cent was achieved in a context of increased macroeconomic stability. In 2004, inflation was kept down to 2.3 per cent; the level of external debt fell by 4.5 per cent to 31.7 per cent of GDP; and the budget deficit was kept within reasonable limits at 2.5 per cent of GDP - though the budgetary situation remains...
Cet article présente le texte de la Loi no 12-02 relative à la responsabilité civile en matière de dommages nucléaires (2005) du Maroc, le texte du Code de conduite pour la sûreté des réacteurs de recherche Adopté par le Conseil des gouverneurs de l’AIEA le 8 mars 2004 et la Résolution 1540 du Conseil de sécurité (2004) de les Nations Unies, adoptée par le Conseil de sécurité en sa 4956 eme session, le 28 avril 2004.
Historiquement, la croissance de l’économie marocaine a connu un développement en dents de scie en raison de l’importance de l’agriculture non irriguée et de sa vulnérabilité aux conditions climatiques. En 2001, des résultats satisfaisants en termes de croissance et de consolidation des équilibres macro-économiques ont été enregistrés. La croissance du PIB s’est établie à 6.5 pour cent en 2001 contre 1 pour cent en 2000, tirée par une croissance de 27.3 pour cent du PIB agricole. La croissance du PIB réel devrait atteindre 4.2 pour cent en 2002 et se maintenir en 2003 au même niveau (4 pour cent). L’inflation devrait rester sous contrôle avec 2.5 pour cent en 2002, en raison essentiellement de la hausse des prix des produits alimentaires, et devrait connaître une légère croissance (3 pour cent) en 2003. Pour soutenir la croissance, le Maroc devra cependant aller de l’avant dans son programme de réformes et réussir la mise à niveau de son industrie, en préparation de la mise en œuvre d’ici 2012 de l’accord de libre échange établi avec l’Union européenne.
The importance of weather-dependent non irrigated agriculture in Morocco’s economy has made growth historically uneven. In 2001, the country recorded satisfactory results in both growth and the consolidation of macroeconomic stability. GDP increased by 6.5 per cent (compared with 1 per cent in 2000) fuelled by a 27.3 per cent surge in agriculture. GDP growth should be 4.2 per cent in 2002 and about 4 per cent in 2003. Inflation is expected to remain under control at 2.5 per cent in 2002 (driven by higher food prices) and to rise slightly, to 3 per cent, in 2003. To sustain growth, the government will have to press on with its reform programme and to bring industry up to standard in preparation for the 2012 implementation of the free trade agreement with the European Union...
This paper reports on the construction of an Input-Output table for the economy of Morocco. The table is calibrated to the year 1990 and details the interactions between 133 primary, manufacturing, and service sectors, relying on a combination of a more aggregate table estimated by the Moroccan government and detailed data from official sources. This table will form the core of a detailed social accounting matrix (SAM) currently under construction as part of the same work programme. Ultimately, the SAM will be incorporated into a general equilibrium model, to be used cooperatively by the Development Centre, the Moroccan government, and the World Bank for trade and resource policy analysis. This report describes in detail the construction of the Input-Output table, presents the table in its entirety, and provides some preliminary multiplier estimates elucidating the links between Moroccan agriculture and the rest of the economy ...
This paper reviews the process of agricultural policy reforms in Morocco in the 1980's, with particular emphasis on the cereals and sugar sub-sectors.
Agricultural policy is reviewed in historical perspective, to show that the liberalisation process which was proposed in the framework of structural adjustment reforms ran contrary to the agricultural development strategy followed by Morocco since Independence.
The macro-economic performance of Morocco is examined. It shows that the origin of the economic policy reforms can be found in the necessity to seek balance of payment ssupport. This led from a series of orthodox stabilisation measures to a process of liberalisation and structural adjustment which has affected a certain number of sectors including agriculture.
The history of proposals for agricultural reforms is outlined and the extent of actual implementation is discussed. The adequacy of policy instruments and the impact of reforms are reviewed in a more detailed form for the ...
This paper presents the first application of a macro-micro model introduced in Technical Paper No. 1 "Macroeconomic Adjustment and Income Distribution. A Macro-micro Simulation Model". Here, the model is applied to Morocco from 1980 to 1986. A stabilization programme was undertaken by Morocco in 1983.
We first looked at the immediate effects of each macroeconomic measure implemented by the state on main macroeconomic variables and on unemployment, income inequality, percentage of poor and the poverty gap. Other simulations show the effects on the same variables of exogenous shocks, like droughts or price increases of imports, over one year.
Dynamic simulations (on 3- to 5-year periods) were the second step of this analysis, in order to estimate the effects of a package of stabilization measures. We thus simulated three scenarios: a pre-emptive adjustment; a different policy in 1983 and the absence of adjustment in 1983-85. The first lesson we can draw from these simulations is that ...