Morocco’s economy is steadily transitioning toward modern sectors such as tourism and telecommunications, even as it continues to rely heavily on raw material exports, according to the English-language encyclopedia, Britannica.
It said that these industries now contribute more than two-thirds of the country’s GDP, but they employ only about one-third of the labor force.
The report highlighted that since the mid-1980s, Morocco has pushed through major economic reforms backed by the World Bank and the IMF, including privatization of state firms, currency devaluation, and pricing reforms to encourage local production.
Also, a loan fund launched in 1999 aimed to spur small business growth and increase competition.
The report pointed out that Morocco has numerous exploitable resources and is among the few Arab countries with the potential to achieve food self-sufficiency.
In a typical year, the country can produce about two-thirds of the grains needed for domestic consumption and exports citrus fruits and early vegetables to European markets, while newer crops like tea, tobacco, and soybeans have moved beyond the experimental stage.
Yet, it warned that drought remains a constant threat, especially in the cereal-growing lowlands, where rainfall varies greatly from one season to another.
It noted that drought causes significant fluctuations in agricultural production, making it the main constraint to the sector’s expansion.
The report highlighted that in terms of mineral resources, Morocco holds about two-thirds of the world’s phosphate reserves, used in the production of fertilizers and other products.
The country also possesses iron ore, coal, and smaller amounts of barite, manganese, lead, and zinc.
But Morocco faces a significant energy challenge, the same source said, due to limited domestic sources.
The report stated that oil exploration has been largely unproductive, though some natural gas is being exploited, and the country has considerable hydroelectric potential.
It also highlighted that Morocco relies heavily on imported crude oil, which is refined domestically, while thermal power plants provide much of its electricity.
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