TAG: Morocco
At home, Morocco has identified the reduction of social inequality as a key priority, setting in motion a series of reforms and transferring critical development funds to less-developed regions. Abroad, Morocco’s foreign policy objectives focus on spearheading intra-African cooperation and positioning itself at the centre of Europe-Africa relations. Gains were made on all these fronts in 2019, supported by growing GDP that reached $118.5bn in 2018. However, vulnerabilities remain in the form of a large agriculture sector dependent on weather and commodity prices, as well as a substantial energy import bill whose size is dictated by international oil and gas prices.
Africa has gradually worked its way up over the years to rank at the top of business and investor portfolios worldwide, and boasts some of the world’s fastest-growing economies. Long regarded as one of the most impoverished regions, Africa has produced a number of success stories in recent years, bringing with it an array of investors, businesses and jobs. But the arrival of the Covid-19 pandemic casts a grey cloud over what was a promising outlook for the year.