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International Report: Internal Drivers Lead Moroccan Economy Growth and Support its Outlook for 2026
A recent international credit report has confirmed that the Moroccan economy is undergoing a rapid structural transformation towards reliance on internal growth drivers, with projections indicating that the kingdom will outperform global rates in 2026 compared to the averages of emerging market economies.
COFACE, in its latest assessment, indicated that Morocco has maintained a risk rating of “B” and a business climate rating of “A4”, levels that reflect a relatively stable and acceptable business environment for enterprises, given the international economic context.
The agency anticipates that the gross domestic product growth rate will reach around 4.4% in 2026, surpassing the estimated global rate of 2.6%, as well as the average growth rate of emerging economies set at 3.8%.
This performance is linked, according to the report, to significant investments related to preparations for hosting the 2030 World Cup, particularly in infrastructure sectors, including stadiums, airports, and railway networks, making construction one of the key economic activity drivers in the coming phase.
An analysis of growth contributions between 2022 and 2025 has shown a clear shift in the economy’s structure towards reliance on domestic demand, with consumption emerging as a primary growth catalyst starting in 2023, and even more so in 2024, bolstered by improved household confidence and a recovery in purchasing power.
Similarly, productive investment has demonstrated an upward trajectory since 2024, contributing to stimulating the economic cycle in the short term while enhancing growth potentials in the medium term.
On a sectoral level, the gradual improvement in agricultural productivity, driven by favorable rainfall in late 2025, supports economic performance, alongside continued strong momentum in the tourism sector, which surpassed 20 million visitors last year.
However, the report notes the potential impact on certain industrial activities, particularly the automotive sector, due to weak European demand. Nevertheless, Morocco continues to strengthen its position as a regional financial hub, benefiting from macroeconomic stability and controlled inflation around 1.5%, allowing for a supportive monetary policy for businesses.
The agency concluded that the anticipated decline in Brent crude oil prices to around $60 per barrel is likely to reduce the energy bill and improve the kingdom’s external balances.
