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Morocco's emerging role shapes African economic resilience
A recent UN Trade and Development (UNCTAD) report highlights Morocco's strategic position in Africa's economic landscape while identifying key challenges and opportunities for growth. The 2024 Economic Development in Africa Report emphasizes how targeted reforms and investments could strengthen continental economies against external pressures.
Morocco stands out as one of Africa's primary service exporters, with annual export values averaging $16.2 billion between 2019-2021. However, the pandemic exposed vulnerabilities in service-dependent economies, including Morocco, as global disruptions impacted tourism, transport, and related industries.
The report positions Morocco among Africa's better-performing nations in trade logistics, though non-tariff barriers continue to hinder intra-African trade. These regulatory hurdles and trade rules pose significant constraints, limiting market access three times more than traditional customs duties.
Despite these challenges, Morocco demonstrates notable resilience alongside Botswana, Cabo Verde, Mauritius, and South Africa. This strength stems from economic diversification, political stability, and strong connectivity. The country's regulatory environment ranks among the most favorable on the continent.
In terms of regional integration, Morocco maintains an extensive network of trade agreements, including 76 bilateral investment treaties, with 51 currently in force, and 12 treaties with investment provisions, of which 9 are active. The African Continental Free Trade Area (AfCFTA) presents significant opportunities, with an estimated market value of $3.4 trillion.
The UNCTAD report suggests several areas for improvement across African economies, including export diversification, infrastructure development, and enhanced support for small and medium enterprises. Morocco's investment in infrastructure, ongoing trade reforms, and commitment to regional cooperation position it to contribute significantly to Africa's economic transformation.
While Morocco faces ongoing challenges related to connectivity and economic dependencies, its adaptive capacity and strategic approach to regional partnerships suggest promising potential for future growth within the African economic landscape.