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In 2026, Morocco's national growth is projected to reach 4.5%, building on a stronger-than-expected performance in 2025, which saw a growth rate of 4.8%. These figures mark the highest growth rates since the pandemic, as highlighted in the annual Global Focus report, which examines economic trends impacting global markets and emerging economies.
The report, authored by Standard Chartered Global Research, emphasizes that this momentum «reflects the robust performance of non-agricultural sectors, particularly services and industry, along with the acceleration of public and private investments. These investments are notably driven by major projects related to the 2030 World Cup, significantly boosting domestic demand».
According to the report, «the ongoing disinflation is supporting household consumption, while tourism revenues and remittances from Moroccans abroad remain strong, contributing to demand stability».
However, the lingering effects of water stress pose a significant challenge to the recovery of the agricultural sector, with the current account deficit potentially widening to 2.5% of GDP. Despite these hurdles, the report asserts that the fundamentals «remain solid», particularly as «the government is committed to consolidating its public finances, aiming for a deficit target of 3.0% by 2026».
Moreover, Bank Al-Maghrib «is expected to maintain its key interest rate at 2.0%, while preparing for a transition to an inflation-targeting regime by 2027». These measures provide «greater flexibility for the dirham and enhance the credibility of the macroeconomic framework».
On a broader scale, the global economy is anticipated to «sustain a growth rate of 3.4% in 2026, driven by investments and the resilience of domestic demand in various regions».
In this scenario, global prospects remain crucial for Morocco, with growth «closely tied to external demand, international financial conditions, and investors' appetite for emerging markets».
