Rabat - Morocco gained two places in economic competitiveness ahead of other North African countries, but it still faces obstacles, according to the World Economic Forum’s annual report.
Rabat – Morocco gained two places in economic competitiveness ahead of other North African countries, but it still faces obstacles, according to the World Economic Forum’s annual report.
The World Economic Forum (WEF) released its annual report last month. The report shows that Morocco has advanced two places compared to last year. In 70th position, Morocco dominates over all the other North African countries, including Algeria (87th), Tunisia (95th), and Mauritania (173rd).
The Arab world generally has seen a decrease of 3.5 percent in global growth compared to the first decade of the millennium, due to the delicate world economic situation and regional conflicts, according to the report.
In Africa, Morocco ranks as the continent’s fifth competitive economy, after Mauritius, South Africa, Rwanda and Botswana.
A number of factors stand in the way of Morocco’s economic advancement. Such obstacles include lack of access to financing, an unqualified workforce, an inefficient bureaucracy, high tax rates, and corruption.
With respect to higher education, Morocco lost two places, landing in 106th position. Similarly, productivity in Morocco’s labor market also declined.
With respect to WEF’s indices of basic requirements, efficiency indexes, and innovation and sophistication, Morocco ranked in 51st, 88th, and 86th positions, respectively.
On a ten-point scale, Morocco received 4.25 for its infrastructure, 4.21 on its economic institutions, and 5.08 with respect to its macroeconomic environment.
At he global level, Switzerland ranks as the world’s most competitive economy. It is followed in the top ten by Singapore, the United States, the Netherlands, Germany, Sweden, the United Kingdom, Japan, Hong Kong and Finland.
Edited by Elisabeth Myers