Morocco’s economic growth is projected to reach 4.5% in 2026, building on a better-than-anticipated 4.8% growth in 2025, the highest level recorded since the COVID-19 pandemic, according to Standard Chartered Global Research.

The strong growth is driven by the resilience of non-agricultural sectors — especially services and industry, alongside the improvements in public and private investment.

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

“Morocco continues to demonstrate remarkable resilience in the face of global volatility,” said Cynthia El Asmar, the Head of the Morocco zone at Standard Chartered. The outlook for 2026 is “supported by strong non-agricultural momentum, large-scale national investments, and a more favorable inflationary environment,” she emphasized.

“Ongoing disinflation continues to bolster household consumption, while tourism receipts and remittances from Moroccans living abroad remain strong,” the report explains, noting that Morocco enters 2026 in a relatively favorable position.

Challenges despite the strong growth

In spite of these positive indicators, the report highlights some challenges, including insufficient rainfall at the start of the agricultural season, which may constrain recovery in the sector. Additionally, the current account deficit is expected to widen to 2.5% of GDP.

“Despite these factors, the economic fundamentals remain solid. The government remains committed to consolidating its public finances, with a deficit target of 3% in 2026, while Bank Al-Maghrib is expected to maintain its key interest rate at 2% while preparing the transition to an inflation-targeting regime by 2027, thus providing greater flexibility for the dirham and strengthening the credibility of the macroeconomic framework,” SC Global Research stated.