{
  "title": "Morocco: Staff Report for the 2005 Article IV Consultation",
  "publication": "IMF Staff Country Reports, November 23, 2005",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/morocco-staff-report-for-the-2005-article-iv-consultation-18723",
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  "summary": "This 2005 Article IV Consultation highlights that economic growth in Morocco has been volatile and insufficient to significantly reduce poverty and unemployment. Growth averaged 3 percent over the last decade. It has been volatile because of the dependency of agriculture on rainfalls.",
  "publishDate": "2005-11-23",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- Economic growth in Morocco has been volatile and insufficient to significantly reduce poverty and unemployment.\n- Growth averaged 3 percent over the last decade.\n- Volatility in growth is attributed to the dependency of agriculture on rainfalls.\n- In 2004, macroeconomic and financial conditions remained stable."
    },
    {
      "heading": "Macroeconomic outlook and projections for 2005",
      "content": "- The unfavorable agricultural campaign is expected to affect macroeconomic conditions in 2005.\n- The current account is likely to register a small deficit partly because of a high level of imports of food products and a higher oil bill."
    },
    {
      "heading": "Structural vulnerabilities and drivers",
      "content": "- Heavy reliance of the agricultural sector on rainfall is a key source of growth volatility.\n- High import dependence for food products and sensitivity to oil price movements weigh on external balances."
    },
    {
      "heading": "Policy-relevant themes (as identified in the report)",
      "content": "- Exchange rate arrangements\n- Expenditure\n- External debt\n- Foreign exchange\n- Public debt\n- Revenue administration"
    },
    {
      "heading": "Keywords and emphasis noted by the report",
      "content": "- authorities' effort, authorities' openness, authorities' plan, authorities' resolve, authority, CR, Europe, Exchange rate arrangements, ISCR, Maghreb, targeted reduction\n\nSource: Morocco: Staff Report for the 2005 Article IV Consultation (IMF Staff Country Report, November 23, 2005).\n\n---\n\n Content in this bundle\n\n- Cr05418\n  - Cr05418 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Cr05418f\n  - Cr05418f (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/morocco-staff-report-for-the-2005-article-iv-consultation-18723"
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    "Published: November 23, 2005",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451824766.002",
    "Economic growth in Morocco has been volatile and insufficient to significantly reduce poverty and unemployment.",
    "Growth averaged 3 percent over the last decade.",
    "Volatility in growth is attributed to the dependency of agriculture on rainfalls.",
    "In 2004, macroeconomic and financial conditions remained stable.",
    "The unfavorable agricultural campaign is expected to affect macroeconomic conditions in 2005.",
    "The current account is likely to register a small deficit partly because of a high level of imports of food products and a higher oil bill.",
    "Heavy reliance of the agricultural sector on rainfall is a key source of growth volatility.",
    "High import dependence for food products and sensitivity to oil price movements weigh on external balances.",
    "Exchange rate arrangements",
    "Expenditure",
    "External debt",
    "Foreign exchange",
    "Public debt",
    "Revenue administration",
    "authorities' effort, authorities' openness, authorities' plan, authorities' resolve, authority, CR, Europe, Exchange rate arrangements, ISCR, Maghreb, targeted reduction",
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