Morocco is one of the best countries for business in North Africa, according to Forbes

Morocco is ranked 55th by Forbes' recent list about the Best Countries for Business. The ranking issued on Tuesday, 19th of December, by the American magazine rated 153 countries on the basis of 15 different factors : property rights, innovation, taxes, technology, corruption, infrastructure, market size, political risk, quality of life, workforce, freedom (personal, trade and monetary), red tape and investor protection, says the same source.

Based on the analysis provided by the business magazine, «Morocco has capitalized on its proximity to Europe and relatively low labor costs to work towards building a diverse, open, market-oriented economy». For Forbes, Morocco «has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa.»

The analysis sheds light on how Morocco was able to boost its economy by improving competitiveness, guaranteeing a steady growth, low inflation, and falling unemployment. The report also recalls how the North African country, and through several trade agreements, managed to «eliminate subsidies for gasoline, diesel, and fuel oil, dramatically reducing outlays that weighted on the country’s budget and current account.»

Meanwhile, it also insisted that despite «Morocco's economic progress, the country suffers from high unemployment, poverty, and illiteracy, particularly in rural areas. Key economic challenges for Morocco include reforming the education system and the judiciary».

Forbes list for the Best Countries for Business./Ph. Screenshot Forbes

Morocco in Africa

When it comes to the country’s positioning among the 153 countries studied by Forbes, Morocco took the lead of the region, being the best country for business in North Africa followed by Tunisia 96th, Egypt 101st, Algeria 124th and Libya 149th. In Africa, the kingdom is still among the best performing countries ranked third after Mauritius 41st, South Africa 48th and ahead of Ghana 85th, Namibia 86th and Senegal 89th.

In the Arab world, Morocco is positioned sixth in a list topped by the United Arab Emirates 31st, Qatar 40th, Oman 47th, Saudi Arabia 50th and Bahrain 55th. The kingdom managed to leave Jordan 67th and Kuwait 73rd behind.

Over all, the 2017 Forbes’ list is led by the United Kingdom 1st, New Zealand 2nd, the Netherlands 3rd, Sweden 4th and Canada 5th. On the other hand, Libya 149th, Afghanistan 150th, Haiti 151st, Gambia 152 and Chad 153rd are at the bottom of the list.

To compile data, the Forbes list has relied on several other efficient reports issued by big organizations such as the World Bank’s Doing Business, the Heritage Foundation’s Index of Economic Freedom, the World Economic World Forum’s annual Global Competitiveness Report, the Property Rights Alliance’s International Property Rights Index and United Nations’ Human Development Index