Morocco’s economic freedom score is 63.3, making its economy the 78th freest in the 2020 Index. Its overall score has increased by 0.4 point, reflecting an improved score for property rights.
Morocco has capitalized on its proximity to Europe and relatively low labor costs to work towards building a diverse, open, market-oriented economy. Key sectors of the economy include agriculture , tourism , aerospace, automotive, phosphates, textiles, apparel, and subcomponents.
With a population of 35.2 million in 2018, Morocco continues to face the challenges of poverty . The report finds that 24% of the population, equating to nine million Moroccans , can be “ considered poor or at risk of poverty .”
The three leading exports are agricultural produce (citrus fruits and market vegetables), semiprocessed goods and consumer goods (including textiles), and phosphates and phosphate products. Major imports are semimanufactures and industrial equipment, crude oil, and food commodities.
It’s very uncommon and frowned on to show a lot of affection in public. Holding hands in Morocco is fine. A hug here or there, a stolen kiss all fine in most situations. The more rural you are the more frowned on public displays of affection are.
Morocco is an ideal backpacker’s destination. Not only is it the perfect destination for hikes, culture, and history lovers, it’s also very cheap to travel and live here. Morocco can be super cheap but if luxury travel is more your thing, the country also offers the most luxurious and lavish lifestyle money can afford.
The major resources of the Moroccan economy are agriculture, phosphate minerals, and tourism. Sales of fish and seafood are important as well. Industry and mining contribute about one-third of the annual GDP.
The king’s net worth has been estimated at between US$2.1 billion and over US$5 billion, and he is the richest king in Africa in 2014 according to the American business magazine Forbes. and he is the 5th richest king in the world.
Morocco produces marginal amounts of oil , natural gas, and refined petroleum products, and it is a net hydrocarbon importer. Morocco is not a significant liquids producer, and total petroleum and other liquids production has never exceeded 5,000 barrels per day (b/d).
Poorest Regions in Morocco , Getting rich The poorest regions in 2004 experienced the largest decline in poverty , namely the Marrakech-Safi regions, from 34 percent to 11.3 percent, Tangier-Tétouan-Al Hoceima, from 30.3 percent to 9.5 percent and Béni Mellal-Khénifra, from 31 percent to 13.4 percent.
In truth, Morocco is a safe place to visit. You’re unlikely to ever be in any real physical danger in Morocco , but the petty crime and harassment require you to stay on guard — more so than other countries. However, if you follow a few rules, you can leave Morocco unscathed and without incidence.
Geographical divides play a major role in Morocco’s poverty ; of the 4 million people living in poverty in Morocco , 3 million reside in rural areas. Nearly 19 percent of Morocco’s population lives on less than $4 a day. Three factors impede Morocco’s development: illiteracy, financial inequality and economic volatility.
Morocco is a developing country that has suffered under the yoke of corruption for many years. It is still burdened by economic and social challenges that exercise enormous stress on the country’s progress and development. Until not long ago it had been in the iron grip of a rigid regime.
Moroccan agricultural production also consists of orange, tomatoes, potatoes, olives, and olive oil. High quality agricultural products are usually exported to Europe. Morocco produces enough food for domestic consumption except for grains, sugar, coffee and tea.