Country Economic Memorandum: Morocco 2040 – Emerging by Investing in Intangible Capital

Country Economic Memorandum: Morocco 2040 – Emerging by Investing in Intangible Capital

Titled “Morocco 2040 – Emerging by Investing in Intangible Capital”, the Morocco Country Economic Memorandum 2017 is a comprehensive report aimed at assessing Morocco’s recent economic performance and its prospects for growth over the next two decades. The report outlines the economic governance reforms that could facilitate the achievement of an ambitious, albeit realistic, scenario of faster sustainable economic growth and more inclusive human and social development.


To lay out the possible pathways for Morocco to become the first North African country to attain upper middle income status, the report documents the major economic and social strides made by Morocco over the past 15 years and analyzes the economic conditions for accelerating the pace of economic catch-up by 2040.  It then investigates the policies that could bring about such a virtuous scenario of accelerated economic convergence. It shows that sustaining higher productivity gains for 25 years would require greater efforts at building Morocco’s institutional, human and social capital—what is also known as intangible capital.


To offer more quality jobs to its youth, Morocco will  need to take the pathways available to emerging economies to catch up even faster with developed economies.  These include:


  • Investing in Market Support Institutions by Allocating Capital More Competitively, Allocating Labor More Efficiently and Inclusively, and Integrating Morocco More Closely with the International Economy
  • Investing in Institutions and Public Services by Strengthening the Rule of Law and Justice, Modernizing the Civil Service, and Improving Public Service Governance
  • Investing in Human Capital by Placing Education at the Heart of Development, Investing in Health for Improved Well-Being, and Prioritizing Early Childhood as the Foundation of Human Capital
  • Investing in Social Capital by Achieving Gender Equality, and Fostering Interpersonal Trust and Civic Responsibility


Date of publication: 2018

Published by: World Bank

Language: french and english (synthesis available in Arabic)

Download: Report in french, en english / Synthesis in french, english and arabic