Morocco is a sovereign country located in the Maghreb region of North Africa. 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.[1] Morocco has become a major player in the African economic affairs,[2] and is the 5th African economy by GDP (PPP). Morocco was ranked the 1st African country by the Economist Intelligence Unit' quality-of-life index, ahead of South Africa. However, Morocco has since then slipped into fourth place behind Egypt, but ahead of Angola.[citation needed]