RIYADH: Morocco’s economic growth is set to remain above 4 percent over the next two years, supported by stronger agricultural output and sustained infrastructure investment, the International Monetary Fund said.
Real gross domestic product is projected to expand 4.4 percent in 2026 and 4.5 percent in 2027, before stabilizing at around 4 percent over the medium term, the IMF forecast following its latest review.
It noted that Morocco’s real GDP growth accelerated to an estimated 4.9 percent in 2025, driven by a rebound in agriculture and major infrastructure projects, although persistently high unemployment continues to pose a challenge.
Before the recent escalation in regional conflict, the IMF projected in January economic growth in the Middle East and North Africa would rise from 3.4 percent in 2025 to 3.9 percent in 2026 and 4 percent in 2027.
The Organization for Economic Co-operation and Development has warned that the ongoing Middle East conflict has disrupted energy markets, pushed up costs and increased uncertainty, potentially weighing on global growth and inflation if disruptions persist.
Kenji Okamura, deputy managing director of the IMF, said: “The Moroccan economy continued to demonstrate strong resilience. Agriculture, construction, and tourism boosted economic activity in 2025.”
He added: “The growth momentum is projected to remain strong in 2026 and over the medium term, supported by public and private infrastructure investment. However, in the near term, growth would be impacted by the ongoing conflict in the Middle East through higher energy prices and weaker external demand.”
The IMF report noted that inflation averaged 0.8 percent, allowing Bank Al-Maghrib to maintain a broadly neutral monetary policy stance following earlier rate cuts. Price pressures are expected to rise temporarily due to higher energy costs before stabilizing at around 2 percent over the medium term.
“The growth outlook in the near term is dampened by the ongoing conflict in the Middle East, which affects Morocco mainly through disruptions to global commodity markets and weaker global demand amid heightened global uncertainty,” the IMF said.
