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Morocco - Economy |
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Morocco faces problems typical for developing countries: restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable growth.
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 2004 Moroccan authorities instituted measures to boost foreign direct investment and trade by signing a free trade agreement with the US and selling government shares in the state telecommunications company and in the largest state-owned bank.
Favorable rainfall over the past two years has boosted agricultural output
and GDP growth passed 4% in 2004.
Morocco is serious about tourism, and has |
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embarked on a national tourism strategy which
aims to increase the number of foreign visitors from 2.2 million currently to 10 million by 2010. Under Vision 2010, the Moroccan government has guaranteed to provide the necessary infrastructure to connect coastal resorts with the rest of the country and Europe by constructing 1,000 kms of new roads, increasing internal and international flights, and developing new regional airports.
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