Economic Reforms and Growth Potential
The World Bank has identified a series of reforms in Morocco as being deeper than initially expected, serving as a crucial lever to enhance the private sector's role, diminish the informal economy, and sustainably boost the Kingdom's growth potential.
Agricultural Conditions and Production Recovery
On the agricultural front, the World Bank notes an improvement in conditions, attributed to more favorable weather patterns. This positive shift has facilitated a rebound in agricultural production following several seasons plagued by persistent climatic challenges.
External Balances and Public Finances
External balances are also showing signs of recovery, with current account balances improving, supported by increased remittances from Moroccans living abroad and robust tourism revenues amid a gradual recovery in international travel.
Regarding public finances, the report forecasts a gradual reduction in budget deficits for oil-importing countries, including Morocco, during the 2026-2027 period. This improvement is partly attributed to the implementation of more restrictive fiscal policies aimed at addressing macroeconomic imbalances.
Growth Projections and Global Context
The World Bank projects an average growth rate of 4.4% for the Moroccan economy in 2026. However, this growth is expected to be accompanied by a relative slowdown in certain sectors, particularly agriculture and manufacturing, along with a more moderate increase in employment.
On a global scale, the institution anticipates a slight decline in growth to 2.6% in 2026, followed by a rebound to 2.7% in 2027, indicating a stabilization phase over the next two years. These new projections represent an upward revision from previous forecasts released in June.