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Morocco is the westernmost country in the Maghreb region of Africa. It has all of the basic fundamentals of a well-developing country: good governance, political stability, financial infrastructure, and a good economy. A constitutional monarchy, Morocco is the only African country that is not currently a member of the African Union. However, it is a member of the Arab League, Arab Maghreb Union, Organization of the Islamic Conference, Mediterranean Dialogue group, and Group of 77, and is a major non-NATO ally.
According to the African Development Bank, Morocco's GDP of $147 billion accounts for 6% of the African continent. This makes Morocco the fifth largest economy in Africa, after South Africa, Egypt, Algeria and Nigeria. The economy is characterized by exchange with countries outside of Africa, with France as its largest trade partner, creditor and foreign investor.
Morocco's largest source of income comes from the mining of phosphates. Its second largest source of income is from nationals living abroad who transfer money to relatives living in Morocco. The country's third largest source of revenue is tourism. The Moroccan workforce is largely agricultural, and Morocco has an unemployment rate of 7.7% with 19% of the Moroccan population living below the poverty line.
Since the early 1980's, the Moroccan government has pursued economic reforms with the support of the International Monetary Fund, the World Bank, and the Paris Club of creditors. The country's currency, the Dirham, is now fully convertible for current account transactions, reforms of the financial sector have been implemented, and state enterprises are being privatized.
The current government has also introduced a series of structural political and corporate governance reforms in recent years. The most promising reforms have been in the liberalization of the telecommunications sector. Morocco also has liberalized rules for oil and gas exploration and has granted concessions for many public services in major cities.
Well endowed with natural resources, Ghana has roughly twice the per capita output of the poorest countries in West Africa.
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