Morocco’s Economic Growth Seen at 4.5% in 2026

Agadir, The Gulf Observer: Morocco’s economic growth is projected to reach 4.5 per cent in 2026, following a stronger-than-expected expansion of 4.8 per cent in 2025—the highest level recorded since the COVID-19 pandemic—according to Standard Chartered Global Research.

The robust performance is being driven by the resilience of non-agricultural sectors, particularly services and industry, alongside sustained improvements in both public and private investment, the report said.

According to Standard Chartered Global Research’s annual Global Focus 2026 report, large-scale initiatives linked to preparations for the 2030 FIFA World Cup are further stimulating domestic demand and reshaping Morocco’s economic landscape.

“Morocco continues to demonstrate remarkable resilience in the face of global volatility,” said Cynthia El Asmar, Head of the Morocco zone at Standard Chartered. She noted that the 2026 outlook is supported by strong momentum in non-agricultural sectors, major national investment programmes and a more favourable inflationary environment.

The report added that ongoing disinflation is boosting household consumption, while tourism revenues and remittances from Moroccans living abroad remain robust, placing the country in a relatively favourable position as it enters 2026.

Despite these positive indicators, the report also highlighted several challenges. These include insufficient rainfall at the beginning of the agricultural season, which could weigh on the sector’s recovery, as well as a projected widening of the current account deficit to 2.5 per cent of gross domestic product.

“Despite these factors, the economic fundamentals remain solid,” Standard Chartered Global Research stated. It noted that the government remains committed to consolidating public finances, targeting a budget deficit of 3 per cent in 2026. Meanwhile, Bank Al-Maghrib is expected to maintain its key interest rate at 2 per cent while preparing for a transition to an inflation-targeting regime by 2027, a move aimed at providing greater flexibility for the dirham and strengthening the credibility of the country’s macroeconomic framework.