According to Trading Economics global macro models and analysts, Morocco’s GDP is predicted to reach 117.00 USD billion by the end of 2021. According to our econometric models, Morocco’s GDP will trend at 122.00 USD billion in 2022.
Is Morocco’s economy doing well?
Morocco’s economy is ranked 97th in the 2022 Index for economic freedom, with a score of 59.2. Morocco is placed 6th in the Middle East and North Africa region, with a score that is higher than the regional average but lower than the global average.
Is Morocco a poor or wealthy country?
Over the previous decade, Morocco has achieved great progress in eliminating poverty. Today, less than 9% of the population is deemed poor, compared to 16.2 percent a decade agoa major success for a country with a population of 32 million people and limited natural resources.
Is Morocco the world’s poorest country?
Rabat According to Global Finance Magazine’s index of the World’s Richest Countries, Morocco is among the world’s poorest countries. Global Finance Magazine rated Morocco 119th out of 174 countries on its list of the World’s Richest Countries, based on statistics from the International Monetary Fund (IMF).
What is Morocco’s most valuable export?
Morocco, a country on Africa’s northwest coast, exported US$27.8 billion worth of goods around the world in 2020. This figure represents a 21.7 percent growth from 2016 to 2019, but a -6 percent decrease from 2019 to 2020.
Fertilizer mixes are Morocco’s most important export, followed by insulated wire or cable and then automobiles.
The Moroccan dirham has appreciated by 3.2 percent against the US dollar since 2016, according to the average exchange rate for 2020, and has grown by 1.3 percent from 2019 to 2020. Moroccan exports paid for in weaker US dollars will be relatively more expensive for overseas customers in 2020 due to the stronger local currency.
According to the most recent data available, importers in Spain (23.9 percent of global total), France (21.9 percent), Italy (4.4 percent), India (4.3 percent), Brazil (4.1 percent), the United States (3.5 percent), Germany (3.3 percent), the Netherlands (3.1 percent), Turkey (2.2 percent), the United Kingdom (2 percent), Belgium (1.4 percent), and Portugal purchased 75.6 percent of Moroccan exports (1.3 percent ).
Morocco’s exports were delivered to European countries for 68.6% of their value, while 12.6 percent were sold to Asian importers. Morocco exported $8.2 percent of its total exports to Africa. Latin America, excluding Mexico but including the Caribbean (5.5 percent), North America (4.9 percent), and Oceania, led by Australia and New Zealand, received smaller percentages (0.3 percent ).
Given Morocco’s population of 35.952 million people, the country’s total exports of $27.8 billion in 2020 equates to about $800 for each Moroccan.
Is there poverty in Morocco?
Despite the country’s economic success, 4 million Moroccans are still poor, living on less than $4 per day. Poverty is still a problem in Morocco. Recognizing the poverty situation in Morocco is critical to reducing it; this can be accomplished through disseminating information about poverty in Morocco to the general public.
What is a reasonable wage in Morocco?
Morocco’s average annual basic pay is 106,853 MAD. This equates to roughly USD 11,339.24 per year, based on February 2022 exchange rates.
This is lower than the average yearly wage in the United States (USD 56,310) and many European countries.
Average salaries, on the other hand, do not provide a complete picture of Moroccan wage rates. Many variables influence this, including:
Examining Morocco’s average compensation from several angles will assist you in determining what to pay your Moroccan staff.
Please keep in mind that all salary estimates in this article are just that: estimates. Salaries vary depending on a variety of factors such as education, experience, location, and job title.
A. Median Salary in Morocco
Morocco’s median pay in 2022, according to Salary Explorer’s salary survey data, is 18,200 MAD (USD 1,926) per month.
The median salary is the value in the middle of a list of salaries in ascending order. This means that half of Moroccans earn more than 18,200 MAD, while the other half earns less.
B. Salary Range in Morocco
The average monthly pay in Morocco can range from 4,910 MAD (USD 524.32) to 86,700 MAD (USD 9,258.37).
Note that these are the average minimum and maximum salaries. The actual maximum and minimum salaries are subject to change.
D. Salary Comparison by Experience
Every company wants experienced workers and is willing to pay extra for them.
The same may be said for Morocco, according to Wage Explorer’s salary survey data from 2022:
E. Salary Comparison by Education
- Employees who have a certificate or diploma earn 17% more than those who only have a high school diploma.
- Employees with a Master’s degree are likely to earn 29% more than those with only a Bachelor’s degree.
- Employees with a Ph.D. can expect a 23 percent rise in pay over those with a Master’s degree.
F. Minimum Wages
The minimum wage is the lowest salary that an employer is required to pay its employees, as set by the government of the country.
This safeguards employees against unequal compensation and guarantees that they have a minimal quality of life.
The public sector minimum salary in Morocco is 3,000 MAD (USD 300) per month, whereas the private sector minimum pay is 2,570.86 MAD (USD 265) each month. Agricultural employees’ minimum pay is is 69.73 MAD (USD 7).
Morocco has one of the highest minimum wages in Africa, second only to the Seychelles and Libya. It’s also higher than numerous states in the United States, including South Carolina, Washington, DC, and others.
G. Annual Salary Increment Rate
Every 17 months, a Moroccan employee should expect a wage raise of 9%. This is significantly greater than the global average of 3% every 16 months.
However, due to varying industry norms and expertise levels, this figure may change:
Average Salary Increment Rate by Experience Level
Every business seeks to entice experienced workers by paying them more money.
In Morocco in 2022, here’s how salaries will rise based on work experience:
H. Salary Comparison by Professions
Salary Explorer’s salary survey data for 2022 shows that some of the higher-paying positions are in the healthcare, aviation, and human resource management industries.
The following are ten professions in Morocco, along with their average salaries: