With the Winter 2011/2012 issue of Re:locate focusing on Africa, what better time to take a look at one of the continent's most resilient economies? Charles Pommarède, founder and executive manager at Maroc Integration, provides this economic profile of Morocco.

As proven during the last years, Morocco's economy is one of the most attractive and resilient in Africa. The country's GDP growth is one of the highest in Africa, with an average of 7 to 8% during the last 5 years. In addition, inflation is controlled far more effectively than in many of the continent's other major economies.

The Moroccan economy has the potential to expand in the coming years, as a host of strategic national plans implemented in the 2000s start to bear fruit. Various key economic sectors (tourism, industry, IT, agriculture) are expected to grow, meaning that the country represents an attractive proposition for foreign investors.

The economy is driven by a relatively strong private sector: the result of an extensive privatization programme dating back to the 1990s. Morocco also boasts 81 companies in the Top Africa 500 list, meaning it trails only South Africa in the ranking.

Morocco's economy owes much to strong relations with its historical partners such as the European Union (Morocco has had the "advanced" status since 2008) and the Gulf countries. France is the major economic partner of Morocco, and accounts for 40 to 60% of total annual foreign investments in the country;

As far as investment is concerned, Morocco offers freedom (there are no specific constraints to foreign investment) and the ability to transfer back capital, profits or dividends.

Despite its strong performance, the Moroccan economy could still be improved in some respects. A "shadow" economy still exists in many traditional sectors, whilst complex bureaucratic procedures can obstruct commerce. These issues, however, are gradually fading away.

Whilst the events of the Arab Spring threw the economic performance of many north African nations into doubt, Morocco remained a bastion of stability. In the latest Doing Business investigation lead by the World Bank in 2011, Morocco was awarded the title of Global Most Improved Economy. It has been the only country in the region whose rating has been kept unchanged by the rating agencies.

The future, then, is bright for Morocco. With a relatively stable economy and strong links with Europe, it looks well placed to be at the forefront of growth in Africa.