## Morocco: Staff Report for the 2005 Article IV Consultation

_IMF Staff Country Reports, November 23, 2005_

## Source details

**Canonical URL:** [Morocco: Staff Report for the 2005 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/morocco-staff-report-for-the-2005-article-iv-consultation-18723)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/morocco-staff-report-for-the-2005-article-iv-consultation-18723/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/morocco-staff-report-for-the-2005-article-iv-consultation-18723/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/morocco-staff-report-for-the-2005-article-iv-consultation-18723/bundle-manifest.json)

## Bibliographic details
- Published: November 23, 2005
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451824766.002

---

### Key findings
- 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.

### Macroeconomic outlook and projections for 2005
- 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.

### Structural vulnerabilities and drivers
- 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.

### Policy-relevant themes (as identified in the report)
- Exchange rate arrangements
- Expenditure
- External debt
- Foreign exchange
- Public debt
- Revenue administration

### Keywords and emphasis noted by the report
- authorities' effort, authorities' openness, authorities' plan, authorities' resolve, authority, CR, Europe, Exchange rate arrangements, ISCR, Maghreb, targeted reduction

*Source: Morocco: Staff Report for the 2005 Article IV Consultation (IMF Staff Country Report, November 23, 2005).*

---

## Content in this bundle

- **Cr05418**
  - [Cr05418 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr05418.pdf){rel="external" type="application/pdf"}
- **Cr05418f**
  - [Cr05418f (PDF)](/-/media/websites/imf/imported-publications/external/pubs/ft/scr/2005/fra/_cr05418f.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/morocco-staff-report-for-the-2005-article-iv-consultation-18723_