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

2023-10-27 Business & Economics
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Release : 2023-10-27
Genre : Business & Economics
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Book Synopsis Assessing the Impact of Structural Reforms on Potential Output: The Case of Morocco by : Hippolyte W. Balima

Download or read book Assessing the Impact of Structural Reforms on Potential Output: The Case of Morocco written by Hippolyte W. Balima. This book was released on 2023-10-27. Available in PDF, EPUB and Kindle. Book excerpt: 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

2019-07-16 Business & Economics
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Release : 2019-07-16
Genre : Business & Economics
Kind : eBook
Book Rating : 904/5 ( reviews)

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Book Synopsis Morocco by : International Monetary Fund. Middle East and Central Asia Dept.

Download or read book Morocco written by International Monetary Fund. Middle East and Central Asia Dept.. This book was released on 2019-07-16. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper studies the potential for well-sequenced labor and product market reforms to play a more important role in promoting growth and job creation in Morocco. A Dynamic General Equilibrium model is used to assess the macroeconomic effects of different reform scenarios (isolated, coordinated, or sequenced) that reduce hiring costs and/or firms’ entry costs in the presence of a large informal sector. The paper highlights that reforms are most effective if executed in a coordinated fashion, as implementing simultaneous reforms in the labor and product markets could add about 2.5 percent of gross domestic product growth and reduce unemployment by about 2.2 percentage points after five years. If reforms are to be introduced sequentially, due for instance to capacity or political economy constraints, starting with product market reforms is more effective in boosting output in the short-run while starting with labor market reforms would reduce unemployment faster.

The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios

2021-04-30 Business & Economics
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Release : 2021-04-30
Genre : Business & Economics
Kind : eBook
Book Rating : 322/5 ( reviews)

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Book Synopsis The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios by : Aya Achour

Download or read book The Morocco Policy Analysis Model: Theoretical Framework and Policy Scenarios written by Aya Achour. This book was released on 2021-04-30. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Structural Reforms and Economic Performance in Advanced and Developing Countries

2009-10-15 Business & Economics
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Release : 2009-10-15
Genre : Business & Economics
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Book Rating : 181/5 ( reviews)

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Book Synopsis Structural Reforms and Economic Performance in Advanced and Developing Countries by : Mr.Jonathan David Ostry

Download or read book Structural Reforms and Economic Performance in Advanced and Developing Countries written by Mr.Jonathan David Ostry. This book was released on 2009-10-15. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Morocco's Quest for Stronger and Inclusive Growth

2023-10-09 Economic development
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Release : 2023-10-09
Genre : Economic development
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Book Synopsis Morocco's Quest for Stronger and Inclusive Growth by : Roberto Cardarelli

Download or read book Morocco's Quest for Stronger and Inclusive Growth written by Roberto Cardarelli. This book was released on 2023-10-09. Available in PDF, EPUB and Kindle. Book excerpt: 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.

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