section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Morocco's economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatisation of certain economic sectors which used to be in the hands of the government. Morocco has become a major player in African economic affairs, and is the sixth largest economy in Africa by GDP (PPP). Morocco was ranked as the first African country by the Economist Intelligence Unit 's quality-of-life index, ahead of South Africa. However, in the years since that first-place ranking was given, Morocco has slipped into fourth place behind Egypt.
  
  Government reforms and steady yearly growth in the region of 4–5% from 2000 to 2007, including 4.9% year-on-year growth in 2003–2007 helped the Moroccan economy to become much more robust compared to a few years earlier. For 2012, the World Bank forecast a rate of 4% growth for Morocco and 4.2% for following year, 2013. Between 2000 and 2019, the share of Moroccan workers in agriculture declined, while those that are in industry increased.