Morocco's Macroeconomic Statistics
Since 2003, the economic policy championed by King Mohammed VI has brought increased macroeconomic stability to Morocco, by improving the performance of the financial sector and developing the industrial and services sectors as well.
The INDH, or National Initiative for Human Development, is a multibillion-dollar initiative launched by King Mohammed in 2005. The initiative has improved overall welfare through the electrification of rural areas, the overhaul of the agricultural and tourism sectors, and the upgrading of urban housing areas.
Despite the success of the INDH, Morocco continues dealing with a very high illiteracy rate and an unemployment rate of over thirty percent. Exports in Morocco have dropped since the middle of 2008, partly due to a worldwide drop in phosphate prices, and partly due to the global economic downturn.
Europe is Morocco's main export destination, and the slowdown there has resulted in a decline in foreign payments and foreign tourism, the primary sources of cash inflow. A bumper crop, high governmental spending, and high domestic consumption have combined to negate some of the losses from lackluster exports. They have also helped GDP to grow by 2.6% last year.
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