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 fifth 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.