The Macroeconomic Effects of Labor and Product Market Reforms in Morocco

Sarr, Babacar; Benlamine, Mokhtar; Munkacsi, Zsuzsa

doi:10.5089/9781513513768.001

Cited by 3 publications

(3 citation statements)

References 3 publications

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“…Studies found that product and labor market deregulation reduces and redistributes rents (through the effects on entry costs, the degree of competition, and the bargaining power of workers), and therefore boosts aggregate labor productivity and employment over the long term (Barnes et al, 2013;Bouis and Duval, 2011;Duval and Furceri, 2018;IMF, 2019). In the case of Morocco, well-designed market reforms could substantially increase output and employment in the medium term (Sarr et al, 2019).…”

Section: A Structural Indicatorsmentioning

confidence: 99%

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

Balima

2023

IMF Working Papers

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Section: A Structural Indicatorsmentioning

confidence: 99%

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

Balima

2023

IMF Working Papers

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“…In the case of Morocco, well-designed labor market and product market reforms could substantially increase output and employment in the medium term (see Sarr, Benlamine, and Munkacsi 2019). Several studies suggest that long-term growth in emerging markets and developing economies stands to benefit significantly from governance reforms (Mo 2001;October 2019 World Economic Outlook).…”

Section: Morocco's Agenda Of Structural Reformsmentioning

confidence: 99%

Morocco’s Quest for Stronger and Inclusive Growth

2023

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The World Bank Group and International Monetary Fund convened their Annual Meetings in Marrakech in 2023-the first time in Africa since the meetings were hosted in Nairobi, Kenya, 50 years ago.The setting for the 2023 World Bank-IMF Annual Meetings is relevant because Morocco's economic performance over the past few decades-characterized by significant economic stability and steadily improving living standards-holds inspiring lessons for other economies, particularly in the current highly uncertain geoeconomic environment. Moreover, Morocco's pursuit of ambitious reforms helped the country withstand serious shocks in recent years, including the COVID-19 pandemic, two severe droughts, and a terms-of-trade shock triggered by Russia's war in Ukraine.This book, Morocco's Quest for Stronger and Inclusive Growth, explores the factors underlying Morocco's resilience. The book points to the numerous reforms Morocco began a few decades ago, including measures to open the country to international trade, invest in key infrastructure, reduce nontargeted subsidies, strengthen the independence of the central bank, build a strong financial supervisory framework, and modernize governance in both the public and private sectors. Morocco's success in these areas suggests that these reforms are essential for countries in search of macroeconomic stability as a precondition for growth.For all the progress that has been made, more needs to be done to enable growth that is sustainable and inclusive. Recognizing this, Moroccan authorities designed a series of reforms amid the pandemic aimed at improving the social safety net, strengthening educational outcomes, promoting private entrepreneurship and access to finance, scaling up opportunities for women and youth, and mitigating the impact of climate change. This book describes several of these efforts, which could serve as good examples for other countries.Morocco is a gateway to Africa, Europe, and the Middle East. The Marrakech 2023 Annual Meetings provide an opportunity to recognize Morocco's strong commitment to economic reforms and stability and to promote the country as an example of how to build trade and investment links in a fragmenting world. I hope this book will help us in this endeavor and, even more important, that in the coming years we will continue to salute Morocco's progress in its long quest for robust, inclusive growth.

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“…More complex, DSGE models for the Morocco economy are already available, including the Morocco Policy Analysis Model (MOPAM) developed by Bank Al-Maghrib (BAM) also with IMF technical assistance (Achour et al 2021), and the model used in Sarr, Benlamine, and Munkacsi (2019). While gifted with a much richer structure, the complexity of these model makes them less usable for regular, more high frequency analysis of policy-relevant questions.…”

Section: Introductionmentioning

confidence: 99%

A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco

Bulı́ř¹,

Cardarelli²,

Baksa³

2021

IMF Working Papers

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The paper describes a semistructural macrofiscal approach to simulating and forecasting macroeconomic policies. The model focuses on only a few variables that are consistent with the New Keynesian framework. Thanks to its simplicity, it facilitates an initial and intuitive understanding of monetary and fiscal policy transmission channels, and their main impact on economic activity. The model is adapted to Morocco and we demonstrate its application with an illustrative scenario of policy responses to a slower-than-expected recovery from the Covid-19 pandemic, under different monetary policy and exchange rate regimes.

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The Macroeconomic Effects of Labor and Product Market Reforms in Morocco

Cited by 3 publications

References 3 publications

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

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

Morocco’s Quest for Stronger and Inclusive Growth

A Simple Macrofiscal Model for Policy Analysis: An Application to Morocco

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