Wide Angle

Morocco is one of the best countries for business in Africa, says a Forbes ranking

Morocco is the third best country in Africa for business, according to Forbes. The Kingdom tops North African countries for the annual ranking.

Casablanca, Morocco./Ph. DR
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Morocco is ranked 62nd by Forbes' recent list about the Best Countries for Business. The ranking issued in December, by the American magazine rated 161 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.

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». To 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 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 «the country suffers from high unemployment, poverty, and illiteracy, particularly in rural areas».

Morocco ranked third in Africa

Morocco was ranked 55th by Forbes in its 2017 report which examined business environment in 153 countries instead of 162. For the second time in a row, Morocco took the lead of the region, being the best country for business in North Africa followed by Tunisia 82nd, Egypt 95th, Algeria 114th and Libya 142nd. In Africa, the kingdom is still among the best performing countries ranked third after South Africa 59th, and Mauritius 39th.

In the Arab world, Morocco is positioned sixth in a list topped by the United Arab Emirates 32nd, Qatar 45th, Oman 50th, Saudi Arabia 51st and Bahrain 53rd.

Overall, the 2018 Forbes’ list is led by the United Kingdom 1st, Sweden 2nd, Hong Kong 3rd, the Netherlands 4th and New Zealand 5th. On the other hand, Chad 157th, Equatorial Guinea 158th, Guinea Bissau 159st, the Republic of Congo 160 and Central African Republic 161st 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.

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