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S&P Global Ratings stated in its latest report that Morocco's ongoing economic reforms are expected to generate «more inclusive» and «more robust» growth.
«The ongoing shift in Morocco's economic structure, along with the strong performance of its tourism, phosphates and derivatives, automotive, and aerospace sectors, will enhance growth prospects and economic stability», the U.S. agency noted. It also highlighted Morocco's resilience to various shocks over the past decades, maintaining access to both domestic and external financing.
Citing the diversification and resilience of the Moroccan economy, S&P forecasts an average GDP growth of 3.6% from 2024 to 2027, compared to 1.5% in 2020-2023. The agency added that stronger domestic demand, supported by declining inflation and increased private investment, will benefit from ongoing economic reforms and stronger growth in the eurozone, Morocco's main trade partner.
S&P expects inflation to drop to around 1.5% in 2024.
The Moroccan economy is also expected to benefit from large-scale projects related to the Africa Cup of Nations in 2025 and the Football World Cup in 2030, the implementation of socioeconomic reforms, and the expansion of export capacity. The report noted that the Tangier-Med port, now the largest in the Mediterranean and Africa, has a capacity of three million 20-foot equivalent units.
The positive outlook reflects S&P’s expectations that Morocco will continue implementing socioeconomic and budgetary reforms, fostering stronger, more inclusive growth and reducing budget deficits.
S&P also emphasized Morocco's efforts to address water scarcity through a large-scale action plan, which includes investments in new dams, desalination, and water recycling plants, as well as initiatives to improve water consumption efficiency. Among these actions, the agency cited the June 2023 launch of the construction of the Casablanca desalination plant, which will be the largest in Africa with a production capacity of 300 million cubic meters per year.
