Assessing The Impact Of Structural Reforms On Potential Output The Case Of Morocco

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Assessing the Impact of Structural Reforms on Potential Output: The Case of Morocco

Hippolyte W. Balima,Olivier Bizimana,Ananta Dua
Assessing the Impact of Structural Reforms on Potential Output The Case of Morocco Book PDF

Author : Hippolyte W. Balima,Olivier Bizimana,Ananta Dua
Publisher : International Monetary Fund
Page : 34 pages
File Size : 53,7 Mb
Release : 2023-10-27
Category : Business & Economics
ISBN : 9798400258411

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Assessing the Impact of Structural Reforms on Potential Output: The Case of Morocco by Hippolyte W. Balima,Olivier Bizimana,Ananta Dua Pdf

This paper assesses Morocco’s potential output and the scope for structural reforms to reverse the downward trend in economic performance observed since the Global Financial Crisis. Using multivariate filtering (MVF) techniques, our analysis finds that the downward secular trend in potential growth was primarily driven by the decline in the contribution of labor inputs. We then combine production function and general equilibrium model approaches to provide estimates of the potential macroeconomic impact of Morocco’s structural reform agenda. The results suggest that the planned structural reforms could deliver sizable output gains in the medium to long term with reforms that would reduce the large gender gap in Morocco’s labor market yielding the greatest payoffs.

Morocco's Quest for Stronger and Inclusive Growth

Roberto Cardarelli,Taline Koranchelian
Morocco s Quest for Stronger and Inclusive Growth Book PDF

Author : Roberto Cardarelli,Taline Koranchelian
Publisher : International Monetary Fund
Page : 244 pages
File Size : 48,7 Mb
Release : 2023-10-09
Category : Economic development
ISBN : 9798400225406

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Morocco's Quest for Stronger and Inclusive Growth by Roberto Cardarelli,Taline Koranchelian Pdf

Throughout the past two decades, Morocco has faced several external and domestic shocks, including large swings in international oil prices, regional geopolitical tensions, severe droughts, and most recently the impact of the pandemic and the economic fallout from Russia's invasion of Ukraine. Despite rough waters, the government stayed the course and remained focused not only on immediate stability, but also on the long-term needs of the Moroccan economy. This involved the adoption of a series of difficult measures, like the elimination of energy subsidies, and a strategy aimed at improving the country's infrastructure, diversifying the production and export bases by attracting foreign investment, and modernizing the governance structure of the public administration. The road to higher and more inclusive growth, however, remains steep. Despite gains in poverty reduction, literacy and lifespans, Morocco economy continues to face a high share of inactive youth, large gaps in economic opportunities for women, a fragmented social protection system, and remaining barriers to private sector development. An ambitious reform agenda is needed to better meet the aspirations of Moroccans, by making economic growth stronger, more resilient and more inclusive, particularly to provide greater opportunities for young, women, and entrepreneurs. Morocco appears well positioned to address these challenges, and indeed, the country has recently sought to define and pursue a new "model of development", through national debates and a more inclusive approach to reform. Significant reforms have been announced recently that revamp both the social protection system and the SOEs business model. This book draws lessons from the reforms Morocco has implemented in the past few decades and charts a course for Morocco by addressing key areas for reform.

The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios

Aya Achour,Mr. Ales Bulir,Omar Chafik,Adam Remo
The Morocco Policy Analysis Model Theoretical Framework and Policy Scenarios Book PDF

Author : Aya Achour,Mr. Ales Bulir,Omar Chafik,Adam Remo
Publisher : International Monetary Fund
Page : 47 pages
File Size : 53,9 Mb
Release : 2021-04-30
Category : Business & Economics
ISBN : 9781513573328

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The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios by Aya Achour,Mr. Ales Bulir,Omar Chafik,Adam Remo Pdf

The Morocco Policy Analysis model (MOPAM) was created in the Bank Al-Maghrib to simulate the impact of external developments, domestic macroeconomic policies, and structural reforms on key macroeconomic aggregates. We describe its structure and demonstrate its operation on two medium-term scenarios: (1) fiscal consolidation to stabilize the debt-to-GDP ratio and (2) the effects of the COVID-19 shock, including the endogenous fiscal and monetary policy response.

Morocco

International Monetary Fund. Middle East and Central Asia Dept.
Morocco Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 97 pages
File Size : 43,6 Mb
Release : 2024-05
Category : Business & Economics
ISBN : 9798400273551

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Morocco by International Monetary Fund. Middle East and Central Asia Dept. Pdf

The Moroccan economy once again showed resilience to negative shocks in 2023, as economic activity accelerated, inflation slowed, and the current account deficit narrowed despite headwinds from water scarcity (which caused a severe loss of jobs in the agricultural sector), the September 2023 earthquake, and lower growth in the Euro Area. The ambitious infrastructure plan announced by the authorities (including in water and energy sectors) is expected to boost investment and growth in the next few years, with the current account gradually converging towards the medium-term norm. The fiscal deficit in 2023 was below the level projected in the Budget and the authorities reiterated their commitment to a gradual fiscal consolidation over the next three years. Implementation of the structural reform agenda has continued, particularly regarding the overhaul of social protection, health care, and education systems.

Morocco: 2021 Article IV Consultation-Press Release and Staff Report

International Monetary,International Monetary Fund. Middle East and Central Asia Dept.
Morocco 2021 Article IV Consultation Press Release and Staff Report Book PDF

Author : International Monetary,International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 61 pages
File Size : 50,6 Mb
Release : 2022-02-09
Category : Business & Economics
ISBN : 9798400200588

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Morocco: 2021 Article IV Consultation-Press Release and Staff Report by International Monetary,International Monetary Fund. Middle East and Central Asia Dept. Pdf

Thanks to a successful vaccination campaign, COVID19 cases have declined sharply in 2021, and the Moroccan economy is rebounding. Economic activity has recovered most of the ground lost with the severe recession of 2020 and is expected to grow at 6.3 percent in 2021. Among the factors propelling the rebound are the exceptional harvest after two years of drought, continued fiscal and monetary stimulus, and the persistent buoyancy of remittances. Going forward, Morocco’s growth is expected to remain at about 3 percent, assuming the acceleration of new cases in early 2022 proves transitory and the effects of the pandemic on activity gradually fade. Recent inflationary pressures remained manageable and are expected to wane in 2022, as cost pressures from global and domestic supply disruptions are reabsorbed. After its sharp contraction in 2020, the current account deficit is projected to widen in 2021 and over the medium term, but Morocco emerges from the pandemic with a much stronger international reserve position.

Structural Reforms and Economic Performance in Advanced and Developing Countries

Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo
Structural Reforms and Economic Performance in Advanced and Developing Countries Book PDF

Author : Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo
Publisher : International Monetary Fund
Page : 62 pages
File Size : 51,5 Mb
Release : 2009-10-15
Category : Business & Economics
ISBN : 9781589068186

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Structural Reforms and Economic Performance in Advanced and Developing Countries by Mr.Jonathan David Ostry,Mr.Alessandro Prati,Mr.Antonio Spilimbergo Pdf

This volume examines the impact on economic performance of structural policies-policies that increase the role of market forces and competition in the economy, while maintaining appropriate regulatory frameworks. The results reflect a new dataset covering reforms of domestic product markets, international trade, the domestic financial sector, and the external capital account, in 91 developed and developing countries. Among the key results of this study, the authors find that real and financial reforms (and, in particular, domestic financial liberalization, trade liberalization, and agricultural liberalization) boost income growth. However, growth effects differ significantly across alternative reform sequencing strategies: a trade-before-capital-account strategy achieves better outcomes than the reverse, or even than a "big bang"; also, liberalizing the domestic financial sector together with the external capital account is growth-enhancing, provided the economy is relatively open to international trade. Finally, relatively liberalized domestic financial sectors enhance the economy's resilience, reducing output costs from adverse terms-of-trade and interest-rate shocks; increased credit availability is one of the key mechanisms.

Global Trends 2040

National Intelligence Council
Global Trends 2040 Book PDF

Author : National Intelligence Council
Publisher : Cosimo Reports
Page : 158 pages
File Size : 46,8 Mb
Release : 2021-03
Category : Electronic
ISBN : 1646794974

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Global Trends 2040 by National Intelligence Council Pdf

"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.

Morocco 2040

Jean-Pierre Chauffour
Morocco 2040 Book PDF

Author : Jean-Pierre Chauffour
Publisher : Directions in Development
Page : 0 pages
File Size : 40,8 Mb
Release : 2017-10-30
Category : Business & Economics
ISBN : 1464810664

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Morocco 2040 by Jean-Pierre Chauffour Pdf

Morocco 2040: Emerging by Investing in Intangible Capital documents the major economic and social strides made by Morocco over the past 15 years and analyzes the economic conditions for accelerating the pace of economic catch-up by 2040. A virtuous yet realistic scenario suggests that with higher productivity gains Morocco could double its current pace of convergence with Southern European countries. In one generation, Morocco's standard of living could reach about 45 percent of that of Spain, its immediate Northern neighbor, compared to the current rate of 22 percent. To lay out the possible pathways for Morocco to become the first North African country to attain upper middle income status, the Book then investigates the policies that could bring about such a virtuous scenario of accelerated economic convergence. It shows that sustaining higher productivity gains for 25 years would require greater efforts at building Morocco's institutional, human and social capital--what is also known as intangible capital. Accumulating such intangible capital necessarily take a number of different forms and the Book proposes a four-pronged approach. First, by strengthening Morocco's market institutions for a more efficient allocation of capital and labor and international integration. Second, by strengthening Morocco's public institutions to strengthen the rule of law and justice, modernize the public administration, and improve the quality of public service delivery. Third, by strengthening Morocco's human capital, especially education, health and the development of early childhood. And fourth, by strengthening Morocco's social capital through greater gender parity and increased interpersonal trust and civism in society. By placing more of a priority on its intangible capital, Morocco would be advancing a social contract based on the promotion of a more open society. It would be taking a route that is partly new, but which is also the logical outcome of many economic and social diagnoses and pressing calls for change.

Morocco

International Monetary Fund
Morocco Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 87 pages
File Size : 49,9 Mb
Release : 2003-07-17
Category : Business & Economics
ISBN : 9781451824742

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Morocco by International Monetary Fund Pdf

The Financial System Stability Assessment of Morocco reviews the reform program that is aimed at establishing a modern, market-oriented financial system that optimizes the mobilization of savings and the allocation of financial resources. It reviews the modernization of the banking sector and the development of competition within the sector, development of financial markets, and removal of constraints on financial system activity. It also provides reports on the Observance of Standards and Codes on Insurance Regulation, Securities Regulation, Payment Systems, and Monetary and Financial Policy Transparency.

A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco

Daniel Baksa,Mr. Ales Bulir,Mr. Roberto Cardarelli
A Simple Macrofiscal Model for Policy Analysis An Application to Morocco Book PDF

Author : Daniel Baksa,Mr. Ales Bulir,Mr. Roberto Cardarelli
Publisher : International Monetary Fund
Page : 35 pages
File Size : 43,7 Mb
Release : 2021-07-16
Category : Business & Economics
ISBN : 9781513592985

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A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco by Daniel Baksa,Mr. Ales Bulir,Mr. Roberto Cardarelli Pdf

The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. The model focuses on only a few variables that are consistent with the New Keynesian framework. Thanks to its simplicity, it facilitates an initial and intuitive understanding of monetary and fiscal policy transmission channels, and their main impact on economic activity. The model is adapted to Morocco and we demonstrate its application with an illustrative scenario of policy responses to a slower-than-expected recovery from the Covid-19 pandemic, under different monetary policy and exchange rate regimes.

Economic Integration in the Maghreb

Mr.Alexei P Kireyev,Mr.Boaz Nandwa,Ms.Lorraine Ocampos,Mr.Babacar Sarr,Mr.Ramzy Al Amine,Mr.Allan G Auclair,Mr.Yufei Cai,Mr.Jean-Francois Dauphin
Economic Integration in the Maghreb Book PDF

Author : Mr.Alexei P Kireyev,Mr.Boaz Nandwa,Ms.Lorraine Ocampos,Mr.Babacar Sarr,Mr.Ramzy Al Amine,Mr.Allan G Auclair,Mr.Yufei Cai,Mr.Jean-Francois Dauphin
Publisher : International Monetary Fund
Page : 47 pages
File Size : 47,6 Mb
Release : 2019-02-13
Category : Business & Economics
ISBN : 9781484378373

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Economic Integration in the Maghreb by Mr.Alexei P Kireyev,Mr.Boaz Nandwa,Ms.Lorraine Ocampos,Mr.Babacar Sarr,Mr.Ramzy Al Amine,Mr.Allan G Auclair,Mr.Yufei Cai,Mr.Jean-Francois Dauphin Pdf

Individual countries of the Maghreb have achieved substantial progress on trade, but, as a region they remain the least integrated in the world. The share of intraregional trade is less than 5 percent of their total trade, substantially lower than in all other regional trading blocs around the world. Geopolitical considerations and restrictive economic policies have stifled regional integration. Economic policies have been guided by country-level considerations, with little attention to the region, and are not coordinated. Restrictions on trade and capital flows remain substantial and constrain regional integration for the private sector.

Subsidy Reform in the Middle East and North Africa

Mr.Carlo A. Sdralevich,MissRanda Sab,Mr.Younes Zouhar,Ms.Giorgia Albertin
Subsidy Reform in the Middle East and North Africa Book PDF

Author : Mr.Carlo A. Sdralevich,MissRanda Sab,Mr.Younes Zouhar,Ms.Giorgia Albertin
Publisher : International Monetary Fund
Page : 130 pages
File Size : 55,8 Mb
Release : 2014-07-09
Category : Technology & Engineering
ISBN : 9781498348461

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Subsidy Reform in the Middle East and North Africa by Mr.Carlo A. Sdralevich,MissRanda Sab,Mr.Younes Zouhar,Ms.Giorgia Albertin Pdf

In the Middle East and North Africa (MENA) countries price subsidies are common, especially on food and fuels. However, these are neither well targeted nor cost effective as a social protection tool, often benefiting mainly the better off instead of the poor and vulnerable. This paper explores the challenges of replacing generalized price subsidies with more equitable social safety net instruments, including the short-term inflationary effects, and describes the features of successful subsidy reforms.

Methodology for Impact Assessment of Free Trade Agreements

Michael G. Plummer,David Cheong,Shintaro Hamanaka
Methodology for Impact Assessment of Free Trade Agreements Book PDF

Author : Michael G. Plummer,David Cheong,Shintaro Hamanaka
Publisher : Asian Development Bank
Page : 194 pages
File Size : 40,7 Mb
Release : 2011-02-01
Category : Political Science
ISBN : 9789290921974

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Methodology for Impact Assessment of Free Trade Agreements by Michael G. Plummer,David Cheong,Shintaro Hamanaka Pdf

This publication displays the menu for choice of available methods to evaluate the impact of Free Trade Agreements (FTAs). It caters mainly to policy makers from developing countries and aims to equip them with some economic knowledge and techniques that will enable them to conduct their own economic evaluation studies on existing or future FTAs, or to critically re-examine the results of impact assessment studies conducted by others, at the very least.

How to Manage Value-Added Tax Refunds

Mario Pessoa,Andrew Okello,Artur Swistak,Muyangwa Muyangwa,Virginia Alonso-Albarran,Vincent de Paul Koukpaizan
How to Manage Value Added Tax Refunds Book PDF

Author : Mario Pessoa,Andrew Okello,Artur Swistak,Muyangwa Muyangwa,Virginia Alonso-Albarran,Vincent de Paul Koukpaizan
Publisher : International Monetary Fund
Page : 29 pages
File Size : 51,5 Mb
Release : 2021-05-10
Category : Business & Economics
ISBN : 9781513577043

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How to Manage Value-Added Tax Refunds by Mario Pessoa,Andrew Okello,Artur Swistak,Muyangwa Muyangwa,Virginia Alonso-Albarran,Vincent de Paul Koukpaizan Pdf

The value-added tax (VAT) has the potential to generate significant government revenue. Despite its intrinsic self-enforcement capacity, many tax administrations find it challenging to refund excess input credits, which is critical to a well-functioning VAT system. Improperly functioning VAT refund practices can have profound implications for fiscal policy and management, including inaccurate deficit measurement, spending overruns, poor budget credibility, impaired treasury operations, and arrears accumulation.This note addresses the following issues: (1) What are VAT refunds and why should they be managed properly? (2) What practices should be put in place (in tax policy, tax administration, budget and treasury management, debt, and fiscal statistics) to help manage key aspects of VAT refunds? For a refund mechanism to be credible, the tax administration must ensure that it is equipped with the strategies, processes, and abilities needed to identify VAT refund fraud. It must also be prepared to act quickly to combat such fraud/schemes.

Challenges of Growth and Globalization in the Middle East and North Africa

Mr.Hamid R Davoodi,Mr.George T. Abed
Challenges of Growth and Globalization in the Middle East and North Africa Book PDF

Author : Mr.Hamid R Davoodi,Mr.George T. Abed
Publisher : International Monetary Fund
Page : 44 pages
File Size : 52,5 Mb
Release : 2003-09-05
Category : Business & Economics
ISBN : 1589062299

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Challenges of Growth and Globalization in the Middle East and North Africa by Mr.Hamid R Davoodi,Mr.George T. Abed Pdf

The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region’s economic performance in the past 30 years has been below potential. This paper takes stock of the region’s relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.