▁govern ed ▁by ▁the ▁law ▁of ▁supply ▁and ▁demand . ▁Since ▁ 1 9 9 3 , ▁the ▁country ▁has ▁followed ▁a ▁policy ▁of ▁priv at isation ▁of ▁certain ▁economic ▁se ctors ▁which ▁used ▁to ▁be ▁in ▁the ▁hands ▁of ▁the ▁government . ▁Mor oc co ▁has ▁become ▁a ▁major ▁player ▁in ▁African ▁economic ▁affairs , ▁and ▁is ▁the ▁ 5 th ▁African ▁economy ▁by ▁G DP ▁( PP P ). ▁Mor oc co ▁was ▁ranked ▁as ▁the ▁first ▁African ▁country ▁by ▁the ▁Econom ist ▁Int elligence ▁Unit ' s ▁quality - of - life ▁index , ▁ahead ▁of ▁South ▁Africa . ▁However , ▁in ▁the ▁years ▁since ▁that ▁first - place ▁ranking ▁was ▁given , ▁Mor oc co ▁has ▁sli pped ▁into ▁fourth ▁place ▁behind ▁Egypt . ▁ ▁Government ▁re forms ▁and ▁steady ▁year ly ▁growth ▁in ▁the ▁region ▁of ▁ 4 – 5 % ▁from ▁ 2 0 0 0 ▁to ▁ 2 0 0 7 , ▁including ▁ 4 . 9 % ▁year - on - year ▁growth ▁in ▁ 2 0 0 3 – 2 0 0 7 ▁helped ▁the ▁Mor oc can ▁economy ▁to ▁become ▁much ▁more ▁robust ▁compared ▁to ▁a ▁few ▁years ▁earlier . ▁For ▁ 2 0 1 2 ▁the ▁World ▁Bank ▁forec ast ▁a ▁rate ▁of ▁ 4 % ▁growth ▁for ▁Mor oc co ▁and ▁ 4 . 2 % ▁for ▁following ▁year , ▁ 2 0 1 3 . ▁ ▁The ▁services ▁sector ▁accounts ▁for ▁just ▁over ▁half ▁of ▁G DP ▁and ▁industry ,