Morocco Improved its Economic Competitiveness
Morocco has jumped markedly high from the 73th rank in 2011 to the 70th rank in 2012. This noticeable advancement is ascribed to the creation of the national committee for business environment in 2010.
The World Economic Forum (WEF) published it annual Global Competitiveness Report that measures the economic performance of more than 140 economies. The report offers a wealth of valuable data about the progress of world economies.
Morocco has jumped markedly high from the 73th rank in 2011 to the 70th rank in 2012. This noticeable advancement is ascribed to the creation of the national committee for business environment in 2010. In the span of three years, Morocco gradually moved upward from the 75th rank in 2010 to the 73th rank in 2011 and 70 in 2012.
The WEF defines national competitiveness as the set of institutions, policies, factors that determine the productivity level of a country. There are various factors at play in the discernment of competitiveness. The Global Competitiveness Report measures 12 parameters ranging from institutions and infrastructure to business sophistication.
For the fourth consecutive year, Switzerland tops the overall rankings followed by Singapore, Finland and Sweden in the fourth position. The three last ranks are occupied respectively by Haiti, Sierra Leone and Burundi.
Morocco ranks the eight Arab country in terms of competitiveness, after the State of Qatar which tops the list of Arab countries, as it ranked in 11th rank, Saudi Arabia (18th), United Arab Emirates (24th), Oman (32th ), Bahrain (35th), Kuwait (37th) and Jordan (64th)
The first pillar considered in the measurement of competitiveness pertains to the legal and administrative context in which firms and government interact to create wealth. It includes national institutions, infrastructure, the Macroeconomic environment in addition to health and primary education.
The Global Competitiveness Report revealed that economic prosperity in Morocco is significantly impeded by corruption, bureaucracy and lack of financing.
On the other hand, Morocco ranked 101 in the assessment of higher education and training and the 63rd rank for the financial market development.
Morocco needs to boost its private sector that still falls short from being a counterweight to a feeble public sector.
The results related to the labor market in Morocco were not surprising. Morocco is ranked in the 122nd position for labor market facility. Among the most problematic factors for business initiatives in Morocco figure also the inadequacy of the workforce and high tax rates.
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