mailing address: PSC 74, Box 3, APO AE 90718
telephone: [212] (37) 76 22 65
FAX: [212] (37) 76 56 61
consulate(s) general: Casablanca
Flag description: red with a green pentacle (five-pointed, linear star) known as Solomon's seal in the center of the flag; green is the traditional color of Islam
Morocco Economy
Economy - overview: Morocco faces the problems typical of developing countries - restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable economic growth. Following structural adjustment programs supported by the IMF, World Bank, and the Paris Club, the dirham is now fully convertible for current account transactions, and reforms of the financial sector have been implemented. Drought conditions depressed activity in the key agricultural sector and contributed to a stagnant economy in 1999 and 2000. During that time, however, Morocco reported large foreign exchange inflows from the sale of a mobile telephone license and partial privatization of the state-owned telecommunications company. Favorable rainfalls have led Morocco to predict a growth of 1% for 2001. Formidable long-term challenges include: servicing the external debt; preparing the economy for freer trade with the EU; and improving education and attracting foreign investment to boost living standards and job prospects for Morocco's youthful population.
GDP: purchasing power parity - $105 billion (2000 est.)
GDP - real growth rate: 0.8% (2000 est.)
GDP - per capita: purchasing power parity - $3,500 (2000 est.)