Fostering Higher Growth and Employment in the Kingdom of Morocco
World Bank Publications, Jan 1, 2006 - Economic policy - 107 pages
This book identifies the binding constraints to growth of Morocco. It applies an innovative procedure known as "growth diagnostic" and has a central finding. The Moroccan economy suffers from a too slow process of structural transformation for achieving higher growth, especially for its exports that face unfavorable external shocks arising from competitor countries in the main markets for Moroccan exports. This process of so-called "productive diversification" requires that Morocco enhance its competitiveness.
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Fostering Higher Growth and Employment in the Kingdom of Morocco, Volume 1
No preview available - 2006
activities agenda agricultural anti-export bias average beneﬁt binding constraints call centers Casablanca Chapter competitiveness constraints to growth costs countries country’s declining deﬁcit dirhams domestic dynamism economic enterprises estimates exchange rate regime factors Figure ﬁnancial ﬁnancing ﬁnd ﬁndings ﬁrms ﬁrst ﬁscal ﬂexibility ﬂows Free Trade government failures growth accelerations growth accounting growth and employment growth diagnostic growth rates growth strategy higher human capital ICA survey identiﬁed important incentives increased industrial inﬂation infrastructure innovation insufﬁcient investment knitted or crocheted labor market labor rigidities learning externalities macroeconomic manufacturing market failures measures medium term MENA minimum wage Moroccan exports Morocco needed percent of GDP potential private sector productive diversiﬁcation promotion Rabat real depreciation real exchange rate reduce reﬂect reform regional Romania self-discovery signiﬁcant SMEs Source structural Tangier tariff textile tion tourism Tunisia Turkey urban workers World Bank
Page 90 - Close monitoring (and coordination) of the promotion activities by a "principal" who has internalized the agenda of economic restructuring and shoulders the main responsibility for it, is essential. This "principal" could be the prime minister himself and/or whoever has the ear of His Majesty the King.
Page 90 - The council and executing agencies carrying out promotion must maintain channels of communication with the private sector. Autonomy and insulation do not mean that bureaucrats can maintain arm's-length relationships from entrepreneurs and investors.
Page 76 - Stringent local content rules, creating support industries, protection of local suppliers, sub-contracting promotion FDI kept out unless necessary for technology access or exports, joint ventures and licensing encouraged Ambitious plans for R&D in advanced industry, heavy investment in technology infrastructure.
Page 1 - What makes some countries rich and others poor? Economists have asked this question since the days of Adam Smith. Yet, after more than two hundred years, the mystery of economic growth has not been solved.
Page 89 - This facilitates structuring the support as a corrective to specific market failures instead of as generic industrial policies.
Page 83 - ... deterioration, in the range of 25 percent, in its terms of trade during the first half of the 1980s, Tunisia has not been affected by significant terms of trade shocks. The fact that Tunisia's energy trade has been broadly balanced during the last few years helped to protect it from oil price shocks.15 The terms of trade remained almost unchanged during the first half of the 1990s, and then deteriorated gradually by about 8 percent during the second half.
Page 32 - Existing enterprises: income tax relief equal to the amount of the increase in their tax liability as compared to the higher tax liability of the previous 2 years Until 2011,100% tax credit for investment of more than HUF100 billion (HUF 3 billion in less developed regions).
Page 38 - It is equal to the uniform tariff, which, if imposed at the border, would have the same effect on aggregate imports as the current structure of trade measures.