mailing address: PSC 74, Box 021, APO AE 09718
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 Sulayman's (Solomon's) seal in the center of the flag; red and green are traditional colors in Arab flags, although the use of red is more commonly associated with the Arab states of the Persian gulf; design dates to 1912
Economy ::Morocco
Economy - overview:
Moroccan economic policies brought macroeconomic stability to the country in the early 1990s but have not spurred growth sufficient to reduce unemployment - nearing 20% in urban areas - despite the Moroccan Government's ongoing efforts to diversify the economy. Morocco's GDP growth rose to 5.9% in 2008, with the economy recovering from a drought in 2007 that severely reduced agricultural output and necessitated wheat imports at rising world prices. Moroccan authorities understand that reducing poverty and providing jobs are key to domestic security and development. In 2005, Morocco launched the National Initiative for Human Development (INDH), a $2 billion social development plan to address poverty and unemployment and to improve the living conditions of the country's urban slums. Moroccan authorities are implementing reform efforts to open the economy to international investors. Despite structural adjustment programs supported by the IMF, the World Bank, and the Paris Club, the dirham is only fully convertible for current account transactions. In 2000, Morocco entered an Association Agreement with the EU and, in 2006, entered a Free Trade Agreement (FTA) with the US. Long-term challenges include improving education and job prospects for Morocco's youth, and closing the income gap between the rich and the poor, which the government hopes to achieve by increasing tourist arrivals and boosting competitiveness in textiles.
GDP (purchasing power parity):