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<p>This thesis focuses on the evolution of the Moroccan economy. It also looks at how the implementation of the Structural Adjustment Program delayed decentralization and how its success led to privatization that resulted in improved performance of the economy. During the first decades after the independence, the Moroccan economy made considerable strides. The intervention of the government was essential and, as a result, the GDP averaged 5.6% in 1968- 72 and 7.5% in 1973-77. Investment expanded but savings and exports did not follow the same stream. However, since 1976, financial disequilibrium began to lessen growth and development. Decentralization was institutionalized to avoid misadministration, inefficiency, and to improve decision making. The purpose was to give more autonomy to the communes and more importance to the local market. However, the crisis emerged in 1981 and Morocco was forced to call IMF and launch the Structural Adjustment Program that lasted ten years. The success of the SAP resulted in the implementation of privatization. Actually, the performance of the economy is the best indicator that Morocco would play an important role in the region as interface between Europe, Middle East, and Africa. Finally the analysis suggests that there are many reasons to be optimistic over Morocco's economic future and the development of a viable emerging stock market.
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<br>Subjects: Morocco; Decentralization; Structural adjustment program; Privatization; Emerging markets</div>
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Aanitra, Mohammed</div>
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