A multisector framework for analysis of stabilization and structural adjustment policies : the case of Morocco

Abstract

Like so many developing countries, Morocco has been experiencing an external debt crisis since 1983. In order to place the economy onto a new sustainable growth path, a combination of stabilization and structural adjustment policies have been applied since 1983. They have already produced significant results. However, some structural problems related to factor efficiency and tax reform still remain. The framework designed in this paper addresses some of these issues. In the context of stabilization, the policies of a reduction in government and investment expenditures, an increase in taxes, and a devaluation are analyzed. Policy packages which contrast inward-oriented and outward-oriented are tested. The structural adjustment, or supply side, policies are addressed, including trade liberalization, tax reform, and agricultural price policies. Conclusions drawn from the analysis are presented.

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