Economic Growth
Morocco is a fairly stable economy with continuous growth over the past half-a-century. Current GDP per capita grew 47% in the Sixties reaching a peak growth of 274% in the Seventies. However, this proved unsustainable and growth scaled back sharply to just 8.2% in the Eighties and 8.9% in the Nineties.
Real GDP growth is expected to average 5.5% in the 2009–13 period, seen the prospects in the tourism and the non-agricultural industry, as demand growth in the Eurozone — Morocco's key export market and source of tourists is projected to be more subdued. Growth will be well below the 8–10% levels that are widely regarded as necessary to have a major impact on poverty and unemployment. Economic growth will also be intermittently hindered by the impact of periodic droughts on the rain-fed agricultural sector, the country's largest employer.
| Moroccan GDP growth (IMF) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2004–2010 |
|---|---|---|---|---|---|---|---|---|
| Moroccan GDP(PPP) | 101.904 | 108.171 | 120.365 | 126.943 | 138.177 | 148.109 | 159.007 | NA |
| Moroccan GDP(Nominal) | 56.948 | 59.524 | 65.640 | 75.116 | 90.470 | 97.68 | 106.59 | NA |
| Moroccan GDP(PPP) per capita | 3,409 | 3,585 | 3,945 | 4,093 | 4,432 | 4,725 | 5,025 | NA |
| Percentage of GDP growth | 4.8 | 3.0 | 7.8 | 2.7 | 6.5 | 4.4 (est.) | 4.4 (est.) | Av. of 5.2% |
| Public Debt (percentage of GDP) | 59.4 | 63.1 | 58.1 | 53.6 | 51.9 | 51.8 (est.) | 50.1 (est.) | NA |
Read more about this topic: Economy Of Morocco
Famous quotes containing the words economic growth, economic and/or growth:
“Economic growth may one day turn out to be a curse rather than a good, and under no conditions can it either lead into freedom or constitute a proof for its existence.”
—Hannah Arendt (1906–1975)
“Just as men must give up economic control when their wives share the responsibility for the family’s financial well-being, women must give up exclusive parental control when their husbands assume more responsibility for child care.”
—Augustus Y. Napier (20th century)
“This [new] period of parenting is an intense one. Never will we know such responsibility, such productive and hard work, such potential for isolation in the caretaking role and such intimacy and close involvement in the growth and development of another human being.”
—Joan Sheingold Ditzion and Dennie Palmer (20th century)