Morocco

Morocco

Morocco , officially the Kingdom of Morocco , is a country located in North Africa. It has a population of more than 32 million and an area of 710,850 km², and also primarily administers the disputed region of the Western Sahara...

's economy is considered a relatively liberal economy governed by the law of supply and demand

Supply and demand

Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers , resulting in an...

. Since 1993, the country has followed a policy of privatization

Privatization

Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the public sector to the private sector or to private non-profit organizations...

 of certain economic sectors which used to be in the hands of the government

Politics of Morocco

Politics of Morocco take place in a framework of a parliamentary constitutional monarchy, whereby the Prime Minister of Morocco is the head of government, and of a multi-party system. Executive power is exercised by the government...

. Morocco has become a major player in the African economic affairs, and is the 5th African economy by GDP (PPP). The World Economic Forum placed Morocco as the 2nd most competitive economy in North Africa behind Tunisia, in its African Competitiveness Report 2009.